The European Commission and the European Investment Bank (EIB) group have signed a guarantee agreement under the Ukraine Facility program to support Ukraine in the country's recovery and resilience, which will allow the EIB to invest 2 billion euros in urgent recovery and reconstruction efforts in Ukraine. This was reported by the Ministry of Economy, writes UNN.
Details
It is noted that the funds will support the activities of the public sector in key sectors. Investments will be directed towards strengthening Ukraine's energy networks, including energy grids, expanding hydropower and renewable energy production, as well as improving energy efficiency.
The money will also be directed towards modernizing railways, improving urban public transport and transport connections, including the "Solidarity Routes" between the EU and Ukraine and border crossing points on key export routes.
In addition, the funding will help restore municipal infrastructure, such as water supply and heating systems, street lighting, as well as schools, hospitals, and higher education institutions, as stated in the document.
Reference
This initiative is being implemented by the EIB's advisory service through the JASPERS advisory services package for Ukraine worth 20 million euros, which is co-financed by the European Commission and the EIB's advisory program "EU for Ukraine" starting from 2024.
Reminder
In January of this year, EIB President Nadia Calviño visited Ukraine for the first time and met with Volodymyr Zelensky. The bank planned to allocate 2 billion euros for infrastructure and social projects in 2025.