By KYIV. Nov 2 (Interfax-Ukraine) – The European Investment Bank (EIB) will provide EUR 450 million to Ukraine for two recovery projects, the first two tranches of EUR 100 million can be approved before the end of 2023, the press service of the Ministry of Communities, Territories and Infrastructure Development of Ukraine has reported.
The funds with a total budget of EUR 450 million are provided under two projects – Ukraine Recovery III FL and Ukraine Water Recovery FL.
Ukraine Recovery III FL (EUR 250 million, first tranche of EUR 100 million) aims to finance critical social and urban infrastructure. This is about rebuilding infrastructure damaged by Russian aggression and building new basic infrastructure to provide decent living conditions for internally displaced people and host communities.
Ukraine Water Recovery FL (EUR200 million, first tranche EUR 100 million) aims to support critical public infrastructure investments in areas directly affected by war or where significant numbers of IDPs live. It concerns restoring water supply and drainage, including measures aimed at overcoming the consequences of the destruction of the Kakhovka dam.
The funds from the European Investment Bank (EIB) are provided as part of cooperation with Ukraine, the principles of which are laid down 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 EUR 840 million in loan funds for the implementation of infrastructure recovery projects in Ukraine.
Subject to final approval by the EIB Board of Directors and the EU4U Donors Committee, the first tranches of EUR 100 million will be signed before the end of this year.
