EIB intends to allocate 840 mln euros to restore Ukraine's infrastructure

MOSCOW. June 21 (Interfax) - The European Investment Bank (EIB) plans to allocate 840 million euros for Ukrainian recovery projects this year.

"Deputy Prime Minister for Restoration Alexander Kubrakov and President of the European Investment Bank Werner Hoyer have signed a memorandum of understanding. It provides for the allocation of 840 million euros for priority projects for the restoration of Ukraine's infrastructure in 2023. The document was signed on the sidelines of the Ukraine Recovery Conference 2023, which is being held at this week in London," Ukrainian media reported, citing the press service of the Ministry for the Development of Communities, Territories and Infrastructure.

Kubrakov said the EIB had allocated 1.7 billion euros of emergency assistance to Kiev since February 2022. "This money went towards meeting the needs of the state budget and support for the Ukrainian economy. Today we are expanding our cooperation to restore Ukraine. We will work together on a number of projects to restore municipal and transport infrastructure, improve energy efficiency, and so on," he said.

The bank will also finance digital transformation and cybersecurity.

In addition, the memorandum provides for cooperation between Ukraine and the EIB in the use of a special EU for Ukraine Fund, and in lending to projects supported by guarantees from the European Fund for Sustainable Development (EFSD +).

"The ministry and EIB will also work on the implementation and application of a package of technical and advisory assistance for Ukraine worth 100 million euros," the statement says.

The European Investment Bank is one Ukraine's biggest creditors. The portfolio of projects currently exceeds 7 billion euros.