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.
Article image
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
News Feed

The World Bank will provide $200 million over the next five years to prepare Ukrainian projects for large-scale reconstruction, the Economy Ministry announced on July 11. The funding will be available under the five-year PREPARE program with the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA).

Video

Since the beginning of Russia’s full-scale invasion of Ukraine in 2022, war has become a daily reality for thousands of Ukrainian children. Some Ukrainian military units, such as the Azov Brigade, offer boot camps for teenagers to teach them the basics of self-defense, first aid, dry firing, and other survival skills — helping them prepare for both the realities of today and the uncertainties of the future.

Show More