More than 5 billion euros: Marchenko on the total volume of the EIB project portfolio in Ukraine
Kyiv • UNN
The EIB has a total portfolio of projects in Ukraine worth more than EUR 5 billion, and the Ministry of Finance is working on mechanisms to conclude new financial agreements with the EIB and to increase the efficiency of existing initiatives in 2024.
The total portfolio of EIB projects in Ukraine is more than EUR 5 billion. The Ministry of Finance is working hard on possible mechanisms to create new financial agreements with the EIB, as well as to increase the effectiveness of existing initiatives in 2024. This was reported by UNN with reference to the Ministry of Finance.
"Today, on March 19, as part of a working visit to Luxembourg, Prime Minister of Ukraine Denys Shmyhal and Minister of Finance of Ukraine Sergii Marchenko met with the newly appointed head of the European Investment Bank (EIB) Nadezhda Calvino," the statement said.
It is reported that the parties discussed further steps of the government and mechanisms for the effective implementation of the Bank's projects in Ukraine and attracting the necessary financing.
"It is worth reminding that the volume of EIB initiatives in the public sector is 25 projects totaling EUR 5.2 billion. Of these, 23 projects totaling €4.81 billion are under implementation. In 2023, the EIB allocated €262 million for projects in Ukraine, which is almost 8 times higher than the volume of the investment component in 2022," the statement said.
The Ministry of Finance reports that the main areas of financing were to ensure the restoration of damaged critical energy infrastructure - EUR 133 million.
In addition, it is worth noting that 2023 was the most successful year in terms of attracting EIB loans for investment projects over the past 5 years. For example, in 2019, the EIB loan amounted to €139.7 million, in 2020 - €104.29 million, in 2021 - €163.54 million, and in 2022 - €4.6 million for the implementation of investment projects.
The Minister of Finance thanked the leadership of the EIB and noted that the funds raised through joint initiatives with the Bank help in the process of restoring and eliminating the consequences of Russia's armed aggression.
"The implementation of joint projects with the EIB aimed at improving the lives of Ukrainians and economic development helps to overcome the devastating consequences of the war and provide citizens with the necessary services," Marchenko added.
Regarding the discussion of the existing initiatives, Marchenko emphasized that the Ministry of Finance is currently working hard on possible mechanisms to create a new financial agreement with the EIB and to increase the efficiency of the existing initiatives in 2024.
"This will allow us to use the Bank's funds efficiently and transparently within the framework of projects to provide the necessary assistance to the communities in Ukraine that are currently in the greatest need of social and financial support," the Minister of Finance added.
As a result of the meeting, the parties agreed to continue working on the effective implementation of current and potential projects and attracting new investments of the Bank in Ukraine.
