EIB and Ukraine strengthen cooperation to support country’s reconstruction projects with €840 million

• EIB stands with Ukraine at Recovery Conference in London.
• EIB and Ministry for the Restoration of Ukraine sign memorandum of understanding to step up reconstruction efforts.
• Sides agree to back projects worth €840 million for Ukraine’s recovery, while also supporting country’s EU accession goals.

The European Investment Bank (EIB) and the Ministry for Communities, Territories and Infrastructure Development of Ukraine (the Ministry for Restoration) today signed a memorandum of understanding in support of Ukraine’s critical infrastructure at the start of the Ukraine Recovery Conference hosted by the British and Ukrainian Governments in London.

The parties agreed to prepare and facilitate new investments worth €840 million covering the following areas:

• reconstruction of municipal infrastructure, such as social housing, hospitals and schools
• water and sanitation
• transport networks and urban public transport
• digital and cybersecurity capabilities
• energy efficiency in public buildings.

This will help address urgent priority reconstruction and recovery needs identified by the Ukrainian government, the World Bank, the European Commission and the United Nations in the second Rapid Damage and Needs Assessment.

Oleksandr Kubrakov, Deputy Prime Minister for the Restoration of Ukraine and Minister for Communities, Territories and Infrastructure Development of Ukraine, said: “Since the beginning of the full-scale Russian invasion, the European Investment Bank has disbursed €1.7 billion of immediate financial support to Ukraine. This money was directed to the needs of the state budget and supported the Ukrainian economy. Today, we are expanding our cooperation in the reconstruction of Ukraine. We will work together on a number of projects to restore municipal and transport infrastructure, improve energy efficiency and more. We appreciate the support that the Bank has already provided to the people of Ukraine, and we are grateful to EIB President Werner Hoyer for his cooperation and for the Bank’s critical role in the stability of Ukraine in wartime conditions.”

European Investment Bank President Werner Hoyer said: “Ukrainians have shown that they can rebuild at great speed even under fire. We must support their resilience. Today we sign a memorandum of understanding with the Ministry for Restoration to prepare and facilitate new investments worth €840 million in critical infrastructure projects to ensure recovery even despite the difficult conditions. We have rebuilt before, and in solidarity with Ukraine and our fellow EU partners, we will build back again, creating the conditions for a better future, which lies in the European Union.”

EIB Vice-President Teresa Czerwińska, who is in charge of the bank’s operations in Ukraine, added: “We have moved fast to support Ukraine with €1.7 billion in emergency relief since the start of the full-scale Russian invasion in 2022. And we are not slowing down. As we speak, the reconstruction efforts are moving forward, and tangible infrastructure is being delivered: three weeks ago, we opened a rehabilitation centre for people with disabilities in the Poltava region, which is now treating more than 300 children. In two weeks, we will open a healthcare facility that will provide outpatient care to 46 300 people. We are therefore delighted to sign this memorandum of understanding today with the Ministry for Communities, Territories and Infrastructure Development of Ukraine, which is responsible for Ukraine’s restoration. It once again underscores the EIB’s unwavering commitment to assist Ukraine on its path to reconstruction. We bring to the agreement projects worth €840 million that will have a real impact on the ground, helping Ukraine to recover and providing basic services for its people. The EIB will continue to help build a future for Ukraine as it channels its efforts into repelling the Russian invasion.”

EIB’s continued support for Ukraine in the face of Russia’s war 

Since the outbreak of the war in 2022, the EIB has provided €2.4 billion in emergency relief to Ukraine, including the latest contribution from the European Commission to the EIB’s EU for Ukraine initiative to enable new lending of €100 million. €1.7 billion of this has already been paid out.

An additional €4 billion along with access to the EMBRACE Advisory Platform was provided to communities within the EU Member States that took in Ukrainian war refugees.

Through the Bank’s philanthropic arm, the EIB Institute, we donated €3.6 million in humanitarian aid packages to help Ukrainian war victims.

In March 2023, the EIB Board of Directors approved a new support package for Ukraine (the EU for Ukraine initiative), which will include a trust fund (the EU for Ukraine Fund) to provide partial portfolio guarantees for EIB loans, concessional lending and impact finance. It will enable the EIB to continue to finance urgent and critical projects under the EU banner until a more permanent funding solution is available. Italy’s recent contribution of €100 million to the EIB’s EU for Ukraine Fund, together with future pledges of support, will help build Ukraine’s resilience and pave the way for EU membership.