EIB increases funding for projects in Ukraine eightfold in 2023

EIB increases funding for projects in Ukraine eightfold in 2023

In 2023, the European Investment Bank (EIB) increased its financing of projects in Ukraine eightfold compared to investments in the previous year - up to EUR 262 million.

According to Ukrinform, this was reported by the press service of the Ministry of Finance following a meeting between Ukraine’s Prime Minister of Ukraine Denys Shmyhal and Minister of Finance Sergii Marchenko with newly appointed President of the European Investment Bank Nadia Calvino. 

During the meeting, the parties agreed to continue working on the effective implementation of current and potential projects and attracting new investments from the Bank to Ukraine.

“In 2023, the EIB allocated EUR 262 million to projects in Ukraine, which is almost 8 times the amount of the investment component in 2022. The main areas of funding were to ensure the restoration of damaged critical energy infrastructure - about EUR 133 million,” the report says.

According to the Ministry of Finance, 2023 was the most successful year in terms of attracting EIB loans for investment projects over the past 5 years.  For example, in 2019, the EIB loan amounted to EUR 139.7 million, in 2020 - EUR 104.29 million, in 2021 - EUR 163.54 million, and in 2022 - EUR 4.6 million for the implementation of investment projects. 

Read also: Ukraine, Luxembourg sign cooperation agreement

The EIB's public sector initiatives include 25 projects totaling EUR 5.2 billion. Of these, 23 projects totaling EUR 4.81 billion are under implementation, the ministry noted.

As reported, on March 19, during a working visit to Luxembourg, Ukraine’s Prime Minister Denys Shmyhal and Finance Minister Sergii Marchenko met with the newly appointed president of the European Investment Bank (EIB), Nadia Calvino.

Shmyhal said that the European Investment Bank is considering allocating approximately EUR 100 million to support Ukraine's hydropower industry.

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