1 Nov 2023 13:18

Circular economy, green restoration principles among terms on which Ukraine can receive 50 bln euros under EU's Ukraine Facility

MOSCOW. Nov 1 (Interfax) - The implementation of the New European Bauhaus principle, including the circular economy and green restoration, is among the conditions on which Ukraine can receive 50 billion euros under the European Union's Ukraine Facility program for 2024-2027, Ukrainian media quoted Yelena Shulyak, chairperson of the Servant of the People party and head of the Verkhovna Rada's Committee on State Building, Local Governance, Regional and Urban Development, as saying following a meeting between committee members and representatives of the European Parliament's Committee on Regional Development (REGI).

"Ukraine is determined to comply with all terms for receiving 50 billion euros in financial assistance from the EU intended for its economic and social reconstruction as soon as possible. This concerns reforms in line with the European integration course and regional development, decentralization and deregulation, anticorruption measures, the maximum possible attraction of private investment in developing the Ukrainian economy, and the maximum possible digitalization of reconstruction processes," Shulyak said.

REGI Chair Younous Omarjee also mentioned the importance of green development principles, stressing that investments that Ukraine is going to receive must not damage the environment in any circumstances, and therefore, Ukrainian law should be aligned with European law in this respect.

In drawing up the required legislative acts, Ukraine will receive support from the EU, he said.

"The EU's support is not weakening, quite the contrary. All of the European Parliament's obligations will be specified. The goal of our visit is to support Ukraine as much as possible and guide it on the path of reforms," Omarjee said.

He insisted on the importance of Ukraine's adhering to decentralization principles and stepping up anti-corruption measures. The European Parliament plans to start transferring the planned financing to Ukraine in early 2024, he said.

Using the EU's financial support, Ukraine is supposed to comply with certain rules. In particular, part of the 50 billion euros under the Ukrainian Facility must be used as technical assistance, and a certain share of this funding will have to be provided to individual cities and territorial communities.