EIB will allocate 450 million euro to Ukraine for critical infrastructure

MOSCOW. Nov 2 (Interfax) - The European Investment Bank (EIB) will allocate 450 million euro to Ukraine for projects to restore critical infrastructure; the first two tranches of 100 million euro each could be approved before the end of 2023, Ukrainian media reported with reference to the press service of the Ministry of Reconstruction.

The Ministry said that 250 million euro will be allocated to the Ukraine Recovery III FL project, which provides funding for critical social and urban infrastructure, including the construction of new basic infrastructure for displaced people and host communities. Another 200 million euro are planned for the Ukraine Water Recovery FL project to restore water supply and drainage, including damage caused by the destruction of the Kakhovka dam.

Funds are allocated based on the principles of a memorandum of understanding signed in June 2023 in London. The memorandum provides for the allocation of a total of about 840 million euro of credit resources to Ukraine for the implementation of infrastructure restoration projects.