Ukraine will receive 560 million euros ($596 million) from the European Investment Bank (EIB) for a number of projects this year, Prime Minister Denys Shmyhal said during a visit to the U.S. on April 19.
Shmyhal met with U.S. Treasury Secretary Janet Yellen in Washington the day prior, where they held talks on the long-awaited U.S. aid bill for Kyiv, strengthening sanctions against Russia, and the ongoing debate on confiscating frozen Russian assets.
The memorandum, signed with EIB President Nadia Calvino, includes the allocation of funds for projects in the energy sector, transport infrastructure, housing reconstruction, and those that will support Ukraine's economic recovery and business, according to Shmyhal.
"The memorandum will contribute to Ukraine's rapid recovery and bring us closer to the European Union," the prime minister said.
Shmyhal added that Ukraine is planning to accelerate work on current projects and will focus on preparing new EIB investments "in critical public and private initiatives."
The International Monetary Fund (IMF) said that Ukraine will need at least $42 billion in international aid to support its budget in 2024.
Foreign aid is crucial for Ukraine as the economic pressure caused by the full-scale Russian invasion mounts. The besieged country received $42.5 billion in external financing last year, allowing it to function amid the ongoing war.
The EU approved the four-year Ukraine Facility in February, allocating 33 billion euros ($35 billion) in loans and 17 billion euros ($18 billion) in grants.
The first tranche of 4.5 billion euros ($4.8 billion) was given to Ukraine on March 20.
Chris York
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