Skip to content
Edit post

Ukraine receives over $160 million in EU grants for recovery efforts

by Martin Fornusek December 20, 2023 4:34 PM 2 min read
Workers demolish a bombarded block of flats amid reconstruction efforts in Irpin, Kyiv Oblast, on May 13, 2023. Irpin was targeted by indiscriminate Russian bombardments at the beginning of Russia's full-scale invasion. (Dominika Zarzycka/NurPhoto via Getty Images)
This audio is created with AI assistance

Ukraine received 150 million euros ($164.5 million) in EU grants under the Support to Ukraine's Fast Recovery financing agreement, the Ukrainian Finance Ministry announced on Dec. 20.

Russia's full-scale invasion of Ukraine inflicted extensive damage to the country's infrastructure and property. In July, Prime Minister Denys Shmyhal estimated the total reconstruction costs to be $750 billion.

"Grant funding will support priority measures in restoring critical infrastructure damaged by Russian aggression, namely transport, communal facilities and services, social infrastructure, and residential areas," Finance Minister Serhii Marchenko said.

The second tranche of 100 million euros ($109.6 million) is expected in the first quarter of 2024. These funds will be allocated to recovery efforts and the agriculture sector.

During the Ukraine Recovery Conference in London in June, the EU presented a funding package of 50 billion euros ($55 billion) for Kyiv, aimed to cover 45% of the country's estimated fiscal gap until 2027.

The funding was blocked by Hungarian Prime Minister Viktor Orban during the European Council summit on Dec. 14-15. EU leaders will address the issue again at the next meeting on Feb. 1.

In November, the International Monetary Fund (IMF) assessed Ukraine's recovery as "stronger than expected," but the organization's head commented more recently that the process depends on continued financial backing from the West.

Reconstruction in Kyiv suburb sabotaged by local officials, discouraging foreign investors
In a dark corner of his makeshift shack, Oleksandr Mazay unveils a hand grenade wrapped in a dirty blanket. He smiles and pulls the pin. Fortunately, the explosive is rusted and inactive. Once belonging to a Chechen soldier, Mazay kept the grenade as a reminder of the brutal occupation he
Support independent journalism in Ukraine. Join us in this fight.
Freedom can be costly. Both Ukraine and its journalists are paying a high price for their independence. Support independent journalism in its darkest hour. Support us for as little as $1, and it only takes a minute.
visa masterCard americanExpress

News Feed

Ukraine Daily
News from Ukraine in your inbox
Ukraine news
Please, enter correct email address
11:34 PM

Bloomberg: Seizure of frozen Russian assets legal, experts say.

A letter signed by international legal experts argues that the seizure of frozen Russian central bank assets to aid Ukraine would be lawful given Russia's "ongoing breach of the most fundamental rules of international law," Bloomberg reported on Feb. 21.
9:04 PM

Reuters: EU to remove Yandex co-founder from Russian sanctions list.

EU countries agreed to remove Arkady Volozh, co-founder of Russia's most popular search engine Yandex, from the list of sanctions against entities and individuals associated with Russia's war against Ukraine, Reuters reported on Feb. 21, citing three unnamed sources familiar with the discussions.
MORE NEWS

Editors' Picks

Enter your email to subscribe
Please, enter correct email address
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Successfuly subscribed
Thank you for signing up for this newsletter. We’ve sent you a confirmation email.