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EIB to give Ukraine 100 million euros for social infrastructure restoration

by Chris York June 11, 2024 9:27 PM 2 min read
Flags of European Union member states fly outside the European Investment Bank in Luxembourg, on July 15, 2019. (Geert Vanden Wijngaert/Bloomberg via Getty Images)
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The European Investment Bank (EIB) will provide Ukraine with 100 million euros ($107 million) to assist with the restoration and modernization of the country's social infrastructure, it was reported on June 11.

Kyiv signed a financing agreement with the European Investment Bank under the Recovery III project at the Ukraine Recovery Conference in Berlin.

"The European Investment Bank plays an important role as a financial partner of Ukraine in the implementation of a number of projects in many sectors of the economy," Ukraine's Deputy Finance Minister, Olga Zykova, said during the signing in comments reported on the Finance Ministry's website.

"In this difficult time for our country, sustainable economic development, along with meeting the basic needs of citizens and returning Ukrainians home, is impossible without efficiently functioning key critical and social infrastructure facilities."

In April, Prime Minister Denys Shmyhal said Ukraine will receive 560 million euros ($596 million) from the EIB for a number of projects this year.

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.

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