European Investment Bank Welcomes EU Accession Negotiations with Ukraine, Moldova, and Candidate Status for Georgia

European Investment Bank Welcomes EU Accession Negotiations with Ukraine, Moldova, and Candidate Status for Georgia

(IN BRIEF) The European Investment Bank (EIB) applauds the European Council’s decision to initiate EU accession negotiations with Ukraine and Moldova, while also granting candidate country status to Georgia. EIB President Werner Hoyer emphasizes the positive impact of enlargement on economic growth and prosperity within the EU, expressing the EIB’s commitment to collaborating with these nations to expedite their path toward accession. In Ukraine, the EIB has been a steadfast supporter of EU integration since 2007, investing in various sectors to enhance daily life, economic growth, and resilience, particularly following Russia’s invasion. In Moldova, the EIB has channeled over €1.19 billion into 33 projects across multiple sectors, including transport, energy, SMEs, agriculture, and municipal infrastructure. In Georgia, the EIB’s commitment exceeds €2 billion, covering crucial areas such as green energy, connectivity, water, digital inclusion, and more, in alignment with EU policies and agreements. The EIB remains dedicated to fostering economic development and integration in these countries.

(PRESS RELEASE) LUXEMBOURG, 16-Dec-2023 — /EuropaWire/ — The European Investment Bank welcomes the decision taken by the European Council to start EU accession negotiations with Ukraine, Moldova, and to grant candidate country status to Georgia.

EIB President Werner Hoyer said: “The enlargement process has accelerated economic growth and increased prosperity across the entire EU. Enlargement will continue to strengthen the European project, and the EIB, as an instrument to deepen European economic integration, is fully committed to work with Ukraine, Moldova and Georgia to accelerate their path towards accession.”

Below is a brief overview of the EIB’s activities in each country.

Ukraine

In Ukraine, our presence since 2007 has been unwavering in its support for EU integration. It has become even more vital with Russia’s full-scale invasion. We’ve invested in municipal infrastructure, energy, transport, small and medium-sized businesses, all with the goal of improving daily life, boosting economic growth, and aiding in the country’s resilience and reconstruction. In total, we have committed €7.3 billion of financing.

Since the start of Russia’s full-scale invasion of Ukraine in 2022, the EIB offered immediate relief to Ukraine, disbursing €1.7 billion of financing in 2022 and helping finance emergency repairs to the country’s ravaged infrastructure. 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.

Moldova

Since establishing its presence in Moldova in 2007, the EIB has channeled over €1.19 billion into 33 projects, backing EU policy objectives across multiple sectors, such as transport, energy, SMEs, agriculture and municipal infrastructure. 2022 was a record year for the EIB in Moldova, with €250 million worth of new loans signed with the public sector. 2023 saw the Bank extend its first corporate loan in Moldova — a $30 million project with Premier Energy Distribution, Moldova’s private electricity distribution system operator, aimed at enhancing the quality and reliability of the electrical power network. Today, the Bank signed a €42 million loan agreement to upgrade Moldova’s railway infrastructure, improving the railway connection between Moldova and Ukraine and boosting trade. This investment benefits both Ukrainian exports and the Moldovan economy, aligning with the EU-Ukraine Solidarity Lanes.

Georgia

The EIB has worked with Georgia since 2007 (first signature in 2010) to support economic and social development in the country. The Bank has been operating in line with the European Neighbourhood Policy, the Eastern Partnership and other EU bilateral agreements. The EIB’s commitment in Georgia, which exceeds €2 billion, covers many essential sectors from green energy and energy transmission, connectivity, water and wastewater, digital inclusion, sustainable agriculture, and micro, small and medium enterprises access to finance.

Media Contact:

Tankler Allar
a.tankler@eib.org
+352 4379-82531

Press Office

press@eib.org
+352 4379 – 21000

SOURCE: European Investment Bank