26.Jul .2022 11:30

EU allocates €1.59 B in aid to Ukraine through European Investment Bank

EU allocates €1.59 B in aid to Ukraine through European Investment Bank
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The Board of Directors of the European Investment Bank, with the support of the European Commission, approved additional financial assistance for Ukraine in the amount of EUR 1.59 billion to finance infrastructure and urgent needs.

"To rebuild Ukraine, we need strong global support and financial assistance. This EUR 1.59 billion is another significant contribution to financing the urgent needs of our country, which is under unprecedented pressure due to Russia’s full-scale invasion. Thanks to this financial support, we will continue rebuilding the damaged infrastructure, restoring the provision of utility services, in particular transport services, and preparing for the next heating season," said Minister of Finance Serhiy Marchenko, the press service of the Ministry of Finance of Ukraine informs.

The part of financial aid in the amount of EUR 1.05 billion will be provided to Ukraine in the near future to finance priority needs.

These funds will be spent on measures to prepare housing and utility facilities for the heating season, restore and modernize railway infrastructure facilities damaged as a result of hostilities, facilities of electricity supply, heat supply, and water supply, housing and utility infrastructure facilities, ensure energy efficiency and energy saving.

EUR 540 million will be directed to the resumption of implementation of EIB-financed projects in Ukraine. The selected projects will be related to energy, energy efficiency, roads, transport, education and infrastructure, as well as reconstruction and restoration programs.

This assistance package is part of the EIB Ukraine Solidarity Urgent Response prepared in cooperation with the European Commission.

The financing is guaranteed by the EU within the scope of the External Lending Mandate and complements the emergency financial support for Ukraine in the amount of EUR 668 million, which the EIB provided to Ukraine in early March 2022.

As reported, Markus Berndt, Deputy Managing Director at EIB Global said at the Ukraine Recovery Conference in Switzerland that the EIB was ready to assist in the reconstruction of Mariupol, Ukrinform reports.