EIB Launches Regional Hub in Kyiv and Commits €450 Million to Support Ukraine’s Recovery and Resilience Initiatives

EIB Launches Regional Hub in Kyiv and Commits €450 Million to Support Ukraine’s Recovery and Resilience Initiatives

(IN BRIEF) The European Investment Bank (EIB) President Werner Hoyer and Vice-President Teresa Czerwińska visited Kyiv to reaffirm the EIB’s commitment to Ukraine. During the visit, they inaugurated the EIB Regional Hub for Eastern Europe in Kyiv, strengthening support for Ukraine and Eastern Europe. The EIB announced two loans totaling €450 million, aimed at addressing Ukraine’s urgent infrastructure needs and supporting its economy. These initiatives are part of the EU for Ukraine Fund and the EU4U Initiative. Since Russia’s invasion of Ukraine, the EIB has disbursed €1.7 billion for emergency relief and reconstruction efforts in Ukraine. The EIB has been a key partner in supporting Ukraine’s recovery and reconstruction agenda, focusing on transport, energy, and municipal infrastructure projects.

(PRESS RELEASE) LUXEMBOURG, 28-Nov-2023 — /EuropaWire/ — EIB President Werner Hoyer and Vice-President Teresa Czerwińska are visiting Kyiv to meet President Volodymyr Zelenskyy, Prime Minister Denys Shmyhal, and other officials, and to inaugurate the EIB Regional Hub for Eastern Europe in the presence of the EU Ambassador to Ukraine Katarína Mathernová alongside representatives from the Ukrainian Ministries for Restoration and Finance. The visit reaffirms the EIB’s continued commitment to working closely with Ukraine, including a series of new recovery and resilience initiatives to be financed under the EIB’s EU for Ukraine Fund. They are designed to address Ukraine’s most urgent infrastructure needs and sustain the country’s economy.

Among these initiatives are two loans totalling €450 million, recently approved by the EIB Board of Directors. The initiatives are currently under discussion with the Ukrainian Ministry of Finance and Ministry for Communities, Territories and Infrastructure Development. The EU for Ukraine Fund, part of the EIB’s EU for Ukraine (EU4U) Initiative, supports Ukraine’s recovery and reconstruction agenda. It is backed by contributions from Member States and European Commission guarantees, totalling €500 million to date.

The visit also marks the inauguration of the EIB Regional Hub for Eastern Europe, based in Kyiv. The Hub is designed to provide reinforced support to Ukraine and Eastern Europe, aligning and coordinating closely with the EIB’s Representations in Moldova and in the South Caucasus (Tbilisi, Georgia). With more resources and expertise on the ground, even closer to the Bank’s partners, the Hub will be instrumental in supporting recovery and reconstruction efforts. This expansion builds on the EIB’s 16-year presence in Ukraine, with a portfolio of projects valued at €7.3 billion, focusing primarily on transport, energy, and municipal infrastructure.

EIB President Hoyer stated: “As the EU bank, our visit to Ukraine is a demonstration of our unwavering support, especially amid Russia’s continued attack and atrocities. Since the very beginning of Russia’s invasion, we have worked with the Ukrainian authorities to support reconstruction projects, underpinning the country’s impressive resilience. With the establishment of our Regional Hub for Eastern Europe in Kyiv, we want to underscore our increased commitment to accompany Ukraine on its European path. Ukraine is an integral part of the EU family, and the EIB is a key part of the European Union’s long-term support.”

“The EIB has significantly increased its engagement in Ukraine since the outbreak of Russia’s war, providing €1.7 billion in emergency relief, supported by the European Commission. Our EU for Ukraine Initiative finances emergency repairs and the reconstruction of vital infrastructure, alleviating citizens’ hardship. We are working with President Zelenskyy, Prime Minister Shmyhal and all our Ukrainian partners on ways to further enhance our efficiency in these critical areas,” added EIB Vice-President Teresa Czerwińska, responsible for overseeing the EU bank’s operations in Ukraine.

EU Ambassador to Ukraine Katarína Mathernová, said: “It is great news that the EIB is opening its Regional Hub for Eastern Europe in Kyiv, and we are pleased to host it at the premises of the EU Delegation to Ukraine. It is an important sign of our coordinated and firm support for Ukraine in view of Russia’s full-scale aggression and for the country’s rebuilding. The EIB is a key player in the European Union’s support to Ukraine. Embodying the spirit of ‘Together, we are Europe’, we will continue working hand in hand with the EU bank to promote projects in the region, fostering stronger economic and political ties within the Eastern Partnership and ensuring that our efforts are effective.”

Background information

Since the start of Russia’s full-scale invasion of Ukraine in 2022, the EIB has offered immediate relief to Ukraine, disbursing €1.7 billion of financing since 2022 and helping finance emergency repairs to the country’s ravaged infrastructure. The EU bank also provided a €4 billion credit line to support the integration of refugees from Ukraine in EU countries. Through the EU for Ukraine initiative and its Fund, the Bank remains committed to stepping up its activities in Ukraine, in line with the mandate given by EU leaders and in close cooperation with the European Commission, the European Parliament, EU Member States and international partners.

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SOURCE: European Investment Bank