Ukraine Receives €560 Million from EIB for Energy and Infrastructure Recovery

On July 19, 2024, Ukraine signed a memorandum with the European Investment Bank (EIB) for financial assistance totaling €560 million. These funds are designated for projects in energy, housing reconstruction, and transport infrastructure, which are critical for the country's economic recovery.

Key Funding Areas:

• Energy: Restoration and modernization of energy infrastructure damaged by the conflict to ensure stable power supply.

• Housing: Reconstruction and construction of residential buildings for citizens who lost their homes due to the conflict.

• Transport: Repair and development of transport infrastructure, including roads, bridges, and railways, to improve logistics and regional connectivity.

Ukrainian Prime Minister Denys Shmyhal stated that implementing these projects will expedite Ukraine's integration into the European Union and foster economic growth. He emphasized that collaboration with the EIB is strategically vital for restoring critical infrastructure and supporting Ukrainian businesses.

EIB President Nadia Calviño reaffirmed the bank's commitment to supporting Ukraine's reconstruction and modernization efforts. She stressed the importance of transparency and efficiency in utilizing the funds to maintain the trust of international partners and donors.

This financial assistance is part of a broader European Union support program aimed at addressing the consequences of the war and revitalizing Ukraine's economy. The projects funded by the EIB are expected to create new jobs, improve citizens' quality of life, and strengthen the country's infrastructural capacity.

Source: 24tv.ua