Business news from Ukraine

European Investment Bank to organize mission to Ukraine

Prime Minister of Ukraine Denys Shmyhal and President of the European Investment Bank (EIB) Werner Hoyer discussed the restoration of Ukraine and support for small and medium-sized businesses in our state, the government portal reported on Thursday.
“Today, the state understands that large enterprises are under the threat of shelling by Russia. The infrastructure of some of them is damaged or destroyed, as a result of which many have been left without work. So our goal is to quickly create many jobs, and we see the implementation of this task in development and creation of micro, small and medium businesses,” Shmyhal said during the conversation.
Hoyer, in turn, initiated the dispatch of the next EIB mission to Ukraine, during which, in particular, attention will be paid to this area of cooperation.
The head of the Ukrainian government and the president of the EIB discussed the prospects and vision for the renewal of Ukraine, as well as the participation of the EIB in this process.
“I am convinced that the rapid process of Ukraine’s European integration and obtaining full membership will also improve cooperation with the EIB, because this is a good basis for launching new projects for the restoration, modernization and reform of our country,” Shmyhal said, stressing that some infrastructure facilities need to be restored now, therefore Ukraine needs $3.4 billion this year.



The European Investment Bank (EIB) made two more EUR100 million payments to Ukraine this week, the bank said on its website.

With these two disbursements, we have provided EUR629 million of our initial support package of EUR668 million, and that’s not all. These funds will help cover urgent financial needs in the face of Russian aggression, the bank said.

As reported, on March 4, the EIB Board of Directors at an extraordinary meeting approved an emergency solidarity package for Ukraine in the amount of EUR2 billion, including the provision of EUR668 million in the form of immediate liquidity support to the Ukrainian authorities. As part of this package, the bank is also accelerating the allocation of additional commitments of EUR1.3 billion taken on infrastructure projects. In parallel, the bank is developing a multi-billion-dollar package for the EU’s Eastern and Southern Neighborhood, the EU Enlargement Region and Central Asia to mitigate the effects of the refugee crisis and help deal with the social and economic impacts caused by the war.

The European Investment Bank is the long-term lending institution of the European Union. Its owners are the member states of the European Union.


On Friday, December 10, the European Investment Bank (EIB) allocated EUR 50 million of loans to Ukraine, which will be used to finance coronavirus (COVID-19) vaccination program in the country, in particular, to purchase a sufficient amount of vaccines against COVID-19.
According to the EU Delegation to Ukraine press service on Friday, the loan will support the health system and increase Ukraine’s viability in the fight against COVID-19 pandemic.
“This financial transaction is part of Team Europe’s overall initiative to respond to the challenges of the COVID-19 pandemic,” the EU Delegation to Ukraine said in a statement.
To make vaccines more affordable for Ukrainians and strengthen the country’s ability to respond to the COVID-19 crisis and overcome its devastating consequences, the EIB has repurposed part of the funds of the current financial agreement.
“This is the Ukraine Municipal Infrastructure Programme (UMIP), signed between the EIB and Ukraine in 2015 in the amount of EUR 400 million. The EIB has allocated EUR 50 million under this agreement to finance the COVID-19 response. The agreement on the repurposing of the EUR 50 million loan was ratified by Ukraine in October 2021,” the office said.
According to Head of the EIB Resident Representation in Ukraine Jean-Erik de Zagon, the EIB is pleased to support the efforts of the Ukrainian government in the fight against COVID-19.
The banker said that to raise funds more quickly, the EIB managed to amend the already approved and existing loan. EUR 50 million repurposed for this aim will be used for the prompt procurement of vaccines. This is a necessary step to tackle the health and economic challenges of COVID-19, and to ensure a better future.
The procurement of vaccines against COVID-19 for funds provided by the EIB will be conducted by Crown Agents, previously approved by the Ukrainian government.



The European Investment Bank (EIB) has provided EUR 49 million investments to carry out a comprehensive energy-efficient modernisation of the majority of their buildings of six Ukrainian universities under the Ukraine Higher Education project and they will also receive the E5P grant in the amount of EUR 10 million.
“Six Ukrainian universities will carry out a comprehensive energy-efficient modernisation of the majority of their buildings with the support of EUR 49 million investments of the European Investment Bank (EIB) and the E5P grant in the amount of EUR 10 million,” the EIB and the Ministry of Education of Ukraine said in a press release on Tuesday.
Chernihiv Polytechnic National University, Lviv Polytechnic National University, National Technical University Kharkiv Polytechnic Institute, National University Yuri Kondratiuk Poltava Polytechnic, Sumy State University and Vinnytsia National Technical University actively participate in the Phase I of the Ukraine Higher Education Project to improve their teaching and research facilities and dormitories.
“They will soon be joined by eight more higher education establishments, which were selected on a competitive basis to take part in the Phase II of the Project,” the bank and the ministry said in the press release.
The implementation of thermal modernisation works at the Phase I universities is expected to start in the fall of 2022.
The EIB is investing EUR 120 million in a comprehensive thermal refurbishment of six Ukrainian universities in the framework of the Ukraine Higher Education Project, which is an integral part of the joint EIB and EU support provided to Ukraine in the field of energy efficiency. The project is also co-financed by the Nordic Environment Finance Corporation (Nefco) in the amount of EUR 30 million.

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The European Investment Bank (EIB) is considering the possibility of providing the State Agency of Automobile Roads of Ukraine (Ukravtodor) with EUR 100 million in a loan for the development of roads in Luhansk region.
“The investment loan would support investment in the reconstruction of regional roads T-13 and R-66 in Luhansk region, therefore improving regional connectivity and strengthening the agricultural value chain due to improvements in the associated road infrastructure. The road investment will improve the regional road network with the objective of improving the quality of the road, creating safer road conditions and reducing environmental pollution through improved traffic flow,” the bank’s website said.
According to data released by the EIB, the total cost of reconstruction of these roads is EUR160 million.
As reported, Ukravtodor completed the repair of the section of road N-26 Chuhuyiv-Milove (Luhansk region) within the framework of the Big Construction project.



The European Investment Bank (EIB) could issue EUR340 million to Ukraine under the Recovery Program, according to information on the bank’s website.
“The aim of the Ukraine Recovery Program focuses on creating, restoring and improving public buildings (including administrative buildings, schools, medical centers and hospitals and other social infrastructure), governmental roads and bridges, supply of utilities (water supply and sewerage) in Donetsk and Luhansk regions under control of the Ukrainian government as well as the four surrounding oblasts (Kharkiv, Dnipropetrovsk, Zaporizhia and Kherson) and city councils in other regions countrywide enabling them to cope with the impacts of a heavy influx of internal displaced people,” the report says.
“The project builds on the successful Ukraine Early Recovery project (EUR200 million, fully allocated), one of the first measures under the EIB Special Action Plan Ukraine providing EUR3 billion loans in 3 years,” according to the document.