EU approves €1.5 billion investment package for Ukraine's recovery
Kyiv • UNN
The sixth Steering Committee of the Investment Program for Ukraine approved a package of eight programs worth €1.5 billion. These funds will be directed to support energy, education, communications, agriculture, and small businesses, as well as to build shelters.
The sixth Steering Board of the Investment Program for Ukraine (UIF) approved a new package of eight programs to help Ukraine address the country's most pressing economic and social problems. Their total volume will reach 1.5 billion euros, UNN reports with reference to the representation of Ukraine in the EU.
Details
These programs, worth 1.5 billion euros, aimed at attracting 3.4 billion euros of new investments, will provide support to vital sectors such as energy, education, communications, agriculture and small businesses, and will also finance the construction of shelters in educational institutions.
For the first time, the UIF will also allocate resources to dual-use technologies and strategic industries. This is in line with the European Commission's commitment announced at the EU-Ukraine Investment Conference last November.
Addendum
Chaired by the European Commission, the sixth Steering Board of the Investment Program for Ukraine today brought together EU member states, observers from the European Parliament, the government and the Verkhovna Rada of Ukraine, the government of Norway, as well as key European and international financial institutions.
The newly announced programs will be implemented by financial institutions, some of which are already cooperating with the Commission in Ukraine (EBRD, IBRD, KfW, International Finance Corporation), and new partners (Finnvera, BPIFrance, CDP), which demonstrates the relevance of the Investment Fund for Ukraine (UIF) for attracting new partners.
To date, the UIF has already allocated 8.4 billion euros, which is 90% of its total potential. These allocations are expected to mobilize 25.2 billion euros of investment in Ukraine.
What else you need to know
The UIF is part of the EU's €50 billion Ukraine financing mechanism, designed to attract public and private investment for Ukraine's recovery and reconstruction. It is endowed with financial instruments totaling €9.5 billion. The goal of the Investment Program for Ukraine is to directly contribute and mobilize investments for recovery, reconstruction, and modernization.