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Council of Europe Development Bank to lend almost $110 million to Ukraine for housing

by Martin Fornusek March 27, 2024 4:27 PM 1 min read
Illustrative purposes only: An aerial view of reconstruction in Irpin, a suburb of in Kyiv Oblast, on Feb. 7, 2023. (Masha Lavrova/The Kyiv Independent)
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Council of Europe Development Bank has allocated a loan of 100 million euros ($108 million) to restore housing for Ukrainians, Infrastructure Minister Oleksandr Kubrakov said on March 27.

"This means that more than 2,000 families will soon receive new homes," Kubrakov said on X.

"These are the people whose homes were totally destroyed as a result of Russian aggression."

More than two years of Russia's full-scale war took a heavy toll on Ukraine's civilian infrastructure. Almost half of people from the east and south of the country reported their houses damaged or destroyed during the hostilities.

The World Bank estimated in February that the full cost of Ukraine's post-war reconstruction would amount to $486 billion over a 10-year period.

Raising funds to cover recovery needs remains a challenge for Kyiv and its partners. Last month, the European Council approved the Ukraine Facility, a four-year financing of 50 billion euros ($54 billion) to aid the besieged country's recovery efforts and help finance the state's functioning amid the full-scale war.

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