News Feed

This week, the world watched in anticipation for Russia’s Victory Day parade after President Volodymyr Zelensky commented that he could not guarantee the safety of those attending. Meanwhile, the European Union moves one step forward to banning Russian gas from the European continent. It is also revealed this week that U.S. Secretary of Defense Pete Hegseth has fallen out of step with the White House.

Show More
News Feed

European Investment Bank earmarks 30 million euros for Ukraine infrastructure

2 min read
European Investment Bank earmarks 30 million euros for Ukraine infrastructure
A tram goes down the city street in Lviv, Ukraine on April 7, 2023. (Pavlo Palamarchuk/Anadolu Agency via Getty Images)

The European Investment Bank (EIB) is allocating an additional €30.7 million ($32 million) to Ukraine for infrastructure development projects covering municipal reconstruction and urban public transport, the lender announced Oct. 12.

Funding will cover Kyiv, Odesa, Sumy, Lutsk, and Lviv, and is aimed at modernization initiatives to ensure critical municipal needs are met.

The EIB package includes €22 million ($23.1 million) for modern buses and trams and €8.7 million ($9.1 million) for other initiatives including landfill reclamation, energy-efficient measures in schools, and better water and drainage systems.

"This new funding underlines our commitment to support not only the immediate relief, but also the long-term reconstruction of the country. Regardless of whether it is a new tram connection or improving local services, everything we do is aimed at promoting economic recovery and normalizing the everyday life of the war-torn Ukrainian people,” the bank’s chief said.

In 2022 the EIB allocated €1.7 billion ($1.8 billion) to Ukraine for energy infrastructure repair efforts and has provided over €4 billion ($4.2 billion) for emergency humanitarian assistance.

"These funds, backed by an EU guarantee, are another contribution to financing the urgent needs of Ukraine, which seeks to restore basic services damaged by Russian aggression. This is part of the steady support of Ukraine from the European Union, which remains unchanged, an EU Commission official said.

The EIB is the lending arm of the European Union and the world’s largest multilateral lender.

International donors pledge up to $530 million to Ukraine in demining assistance
Participants of the International Donor Conference on Humanitarian Demining in Ukraine pledged almost 500 million euros ($530 million) to Kyiv in demining assistance, the Croatian news agency HINA reported on Oct. 11, citing Croatia’s Interior Minister Davor Bozinovic.
Avatar
Lance Luo

Lance Luo (Li P. Luo) is a news editor at the Kyiv Independent. Previously, he worked at Radio Free Europe/Radio Liberty and Hromadske Television in Kyiv. He also spent three years in finance and strategy consulting. Mr. Luo graduated from the University of Southern California and serves as an arbitrator at FINRA.

Read more