Ukraine will receive a €100 million loan from the Bank of the Council of Europe as part of the compensation for destroyed property project
Kyiv • UNN
Ukraine will receive a €100 million loan from the Council of Europe Development Bank to compensate for property destroyed during the Russian invasion by issuing housing certificates to more than 2,000 recipients.
The Council of Europe Development Bank will provide Ukraine with a loan of UAH 100 million under the program "NOME. Compensation for destroyed property". This was announced by the Ministry of Finance, UNN reports .
Details
During a meeting of the Administrative Board of the Council of Europe Development Bank, a new project called "NOME: Compensation for Destroyed Property" was presented.
Under this project, Ukraine will be provided with a loan of EUR 100 million. After discussion, the project was supported and approved by the Administrative Board of the Council of Europe Development Bank. The funds will be used to support a direct assistance mechanism that will allow final recipients, including combatants, disabled people, and large families, to receive compensation for property destroyed during hostilities and terrorist attacks by the Russian Federation in the form of housing purchase certificates.
The project will be implemented throughout Ukraine.
The housing sector remains one of the most affected by the war, with total losses estimated at nearly USD 50 billion. The effective implementation of the HOME project will help the Government provide the necessary assistance to citizens whose homes were destroyed or damaged as a result of the hostilities. The project provides for compensation for more than 2,000 housing certificates, which will allow about 5,700 Ukrainians to receive compensation for destroyed housing. A new project for Ukraine will allow citizens who have received compensation for their destroyed homes to return to their normal lives as soon as possible
The HOME project will be implemented within the framework of the current legislation and through the eRestoration service. This will allow citizens to submit requests and receive the appropriate certificates for compensation for damaged property. After automated verification of the certificate application, it will be processed and approved by a special State Compensation Commission. The entire application process can be tracked using the Diia mobile application.
For its part, the Ministry for Communities, Territories and Infrastructure Development of Ukraine actively monitors the use of the Bank's loan funds under this project. They use the State Register of Property Damaged and Destroyed as a Result of Hostilities to obtain detailed information on applications and issuance of certificates, including the number of applications submitted, the percentage of processing, and the dynamics of applications.
The registry also updates daily data on the total amount of certificates issued and used, their use, types of property purchased, information on the real estate market and sellers, as well as other information by region.
This is the second project for Ukraine that the Bank has submitted for approval by the Administrative Council in less than a year after Ukraine joined the BRRD, which demonstrates its trust in Ukraine as a partner. Ukraine continues to actively work on the implementation of joint projects with the Bank and seeks to further deepen bilateral cooperation. I am convinced that strong teamwork will help us achieve our common long-term political and economic goals
Recall
The World Bank has approved a $1.5 billion loan to Ukraine to help restore the economy, finance priority social and humanitarian expenditures, and implement reforms aimed at European integration and economic growth.