The European Investment Bank this week presented its new ‘EU for Ukraine Initiative’ in Washington DC. 

Presenting the package at the Third Ministerial Roundtable Discussion for Support to Ukraine, EIB President Werner Hoyer said that “Ukraine’s survival does not depend only on ammunition and guns, but in keeping the economy going. This is our focus.”

President Hoyer explained that the initiative, which was recently approved by the Board of Directors of the EIB, foresees the establishment of a Trust Fund which will enable European Union Member States, the European Commission, and other countries and donors to support reconstruction and recovery in Ukraine. The EU for Ukraine Fund will provide credit enhancement to EIB loans for both public and private sector investment.

The initiative will also entail a €100 million dedicated technical assistance package to provide best-practice reconstruction advisory expertise. It comes on top of €1.7 billion that the EIB, with the support of the European Commission, has mobilised and disbursed to Ukraine since the start of the full-scale Russian invasion in 2022.

The technical assistance will include several programmes in the public sector for a total amount of around €2 billion supporting repairs and rebuilding of the most urgent elements of the country’s transport infrastructure and logistical corridors, digital and cybersecurity projects, municipal infrastructure and vital support to the energy sector. 

“According to the recent Rapid Damage and Needs Assessment (RDNA2), the cost for reconstruction and recovery needs in 2023 is $14 billion. The priority areas are energy, housing, critical, social infrastructure, and the private sector. And the new EU for Ukraine Initiative from the EIB can play an important role in restoring Ukraine from the devastating consequences of the military aggression,” said Ukrainian Finance Minister Serhiy Marchenko.

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