EIB to allocate 450 mln euros to Ukraine for 2 recovery projects

MOSCOW. Nov 2 (Interfax) - The European Investment Bank (EIB) will allocate 450 million euros to Ukraine for two recovery projects, with the first two tranches of 100 million euros each likely to be approved by the end of 2023, Ukrainian media reported, citing the press service of the Ukrainian Ministry for the Development of Communities, Territories, and Infrastructure (Reconstruction Ministry).

The funds with a total budget of 450 million euros are reportedly allocated for two projects, namely, Ukraine Recovery III FL and Ukraine Water Recovery FL.

Ukraine Recovery III FL (250 million euros, the first tranche is 100 million euros) is aimed at financing critical social and urban infrastructure.

Ukraine Water Recovery FL (200 million euros, the first tranche is 100 million euros) is aimed at financing investments in critical water infrastructure in the districts.

The European Investment Bank (EIB) allocates the funds under the cooperation program with Ukraine, as stipulated in the Memorandum of Understanding signed on June 21, 2023 in London at the URC 2023 conference. The Memorandum provides for a total of approximately 840 million euros of loan funds to implement infrastructure rebuilding projects in Ukraine.

Upon final approval by the EIB Board of Directors and the EU4U Donor Committee, the first 100 million euros tranches will be signed before the end of this year.