The European Investment Bank (EIB) will allocate EUR 450 million to Ukraine for two recovery projects, with the first two tranches of EUR 100 million each to be approved by the end of 2023, the press service of the Ministry of Recovery reports.
The funds, with a total budget of EUR450 million, are reportedly allocated to two projects – Ukraine Recovery III FL and Ukraine Water Recovery FL.
Ukraine Recovery III FL (EUR250 million, first tranche – EUR100 million): aims to finance critical social and urban infrastructure. This includes the restoration of infrastructure damaged as a result of Russian aggression and the construction of new basic infrastructure to ensure decent living conditions for displaced persons and host communities;
Ukraine Water Recovery FL (EUR 200 million, first tranche – EUR 100 million): aims to finance investments in critical water infrastructure in areas directly affected by the war or where a significant number of IDPs live. This includes the restoration of water supply and sewerage, including measures to overcome the consequences of the destruction of the Kakhovka dam.
Funds from the European Investment Bank (EIB) are allocated as part of cooperation with Ukraine, the principles of which are laid down in the Memorandum of Understanding signed on June 21, 2023 in London at the URC 2023 conference. The Memorandum provides for the allocation of a total of about EUR 840 million in loans for the implementation of infrastructure rehabilitation projects in Ukraine.
Subject to final approval by the EIB Board of Directors and the EU4U Donor Committee, the first tranches of EUR 100 million will be signed by the end of this year.
