Wednesday, April 17, 2024
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HomeNewsGlobal NewsEIB to accelerate support and strengthen cooperation with Ukraine

EIB to accelerate support and strengthen cooperation with Ukraine

By Caribbean News Global

BRUSSELS, Belgium – A recent visit by Ukrainian delegation, led by prime minister Denys Shmyhal, focused on the implementation of joint initiatives for recovery and reconstruction, followed by the signature of a Memorandum of Understanding (MoU) on enhanced support for Ukrhydroenergo and its hydropower facilities.

The European Investment Bank (EIB) will provide further support as a key implementing partner of the European Union’s €50 billion Ukraine Facility and the EIB’s EU for Ukraine Fund, the EIB announced.

EIB president Nadia Calviño said: “We remain steadfast in our support for Ukraine. The European Union’s €50 billion Ukraine Facility incorporates a significant role for the EIB, and our teams are dedicated to deploying all necessary resources to accelerate support and strengthen cooperation in key sectors critical to the country. I reaffirmed to Prime Minister Denys Shmyhal our commitment to work together on projects, from key energy infrastructure to the rebuilding of homes and hospitals, alongside our EU partners and fellow International Financial Institutions, further supporting Ukraine’s path towards EU membership.”

The MoU was signed by EIB vice-president Teresa Czerwińska, in charge of the bank’s operations in the region, and general director of Ukrhydroenergo Ihor Syrota in the presence of EIB president Nadia Calviño and Ukrainian prime minister Denys Shmyhal.

“The EIB has provided €2 billion for emergency infrastructure repairs in Ukraine since Russia’s full-scale invasion of the country.”

Aligned with Ukraine’s investment priorities and steered by the Ukraine Plan and the European Union’s Ukraine Facility, the memorandum signed underlines the importance of cooperation between the EIB and Ukraine on national infrastructure projects focused on recovery and reconstruction.

The MoU particularly highlights the intent to support the rehabilitation and maintenance of the country’s hydropower generation. A loan of an estimated €100 million for this purpose is under consideration, with final approval from the EIB yet to be secured.

Ukrainian prime minister Shmyhal said: “We are grateful for the EIB’s unwavering support and significant contribution to Ukraine’s energy security. Due to the actions of Russian terrorists, Ukraine’s hydropower has lost about 2500 MW of capacity. With the help of our partners we were able to already restore more than 1500 MW. The restoration continues and will accelerate. We value the active role and support that EIB provides for the projects in key sectors of the Ukrainian economy.”

Energy remains a top priority for the EIB in Ukraine, alongside critical infrastructure, the transport sector, social infrastructure, and private sector support.

Present in Ukraine since 2007, the EIB has been unwavering in its support for the country’s EU integration, which has become even more vital since Russia’s full-scale invasion. The bank, with a portfolio of signed projects valued at €7.3 billion, has invested in municipal infrastructure, energy, transport and small businesses, all with the goal of improving daily life, boosting economic growth and lending support to Ukraine’s resilience and reconstruction. Since Russia’s full-scale invasion of Ukraine in 2022, the EIB has provided immediate relief, disbursing €2 billion of financing for emergency repairs to the country’s ravaged infrastructure.

Through the Bank’s EU for Ukraine initiative and its fund, coupled with a key role for the Bank in the implementation of the European Union’s €50 billion Ukraine Facility, the EIB remains committed to stepping up its activities 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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