EU members to allot 400 mln euros for Ukraine recovery fund

VILNIUS. July 14 (Interfax/BNS) - Lithuania and other 15 EU member states have agreed to set up a special fund of the European Investment Bank (EIB) to support Ukraine's reconstruction and have pledged to allot over 400 million euros in the near future, the Lithuanian Finance Ministry said.

According to the ministry, Lithuania will contribute ten million euros.

The new EIB fund, EU4U, can rapidly bolster support for rebuilding critical infrastructure and assist the economy of Ukraine.

"This facility will enable the European Investment Bank to continue financing of urgent projects of infrastructure repairs and support sustainability of the Ukrainian economy," Lithuanian Finance Minister Gintare Skaiste said.

EIB President Werner Hoyer said, for his part, that the commitment would help the Ukrainian economy and Kiev's resistance to the Russian military operation.