European Investment Bank gives Ukraine €1.59 billion to rebuild damaged infrastructure – Minister Chernyshov
The European Investment Bank, as the EU’s bank, is providing €1.59 billion, backed by guarantees from the EU budget, to help Ukraine repair damaged infrastructure and critical projects aimed at meeting Ukraine’s urgent needs.
“The second package of assistance from the European Investment Bank will help us prepare for the heating season in a qualitative manner. In particular, the funds will be used to restore and modernize electricity, heat and water supply networks and housing and communal infrastructure facilities damaged as a result of the hostilities,” said Oleksiy Chernyshov, Minister of Communities and Territories Development of Ukraine.
This aid package is part of the Bank’s solidarity activities in Ukraine. It supplements the €668 million of immediate financial support for Ukraine provided by the Bank in March 2022.
It will help cover priority short-term financing needs, support strategic state-owned companies, provide urgent repairs to damaged infrastructure, resume disrupted municipal services and support urgent energy and energy efficiency measures in preparation for the cold season.
Earlier, the Verkhovna Rada of Ukraine ratified two grant agreements between Ukraine and the European Investment Bank, which provide for €5 million in grants for the implementation of the Energy Efficiency in Public Buildings Project in Ukraine.