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European Investment Bank earmarks 30 million euros for Ukraine infrastructure

by Lance Luo October 13, 2023 12:50 AM 2 min read
A tram goes down the city street in Lviv, Ukraine on April 7, 2023. (Pavlo Palamarchuk/Anadolu Agency via Getty Images)
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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.

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