European Investment bank provides 200 million Euro loan to Ukraine

The European Investment Bank (EIB) granted the Cabinet of Ministers of Ukraine a long-term loan with low interests in an amount of 200 million euros as part of the project “Emergency Credit Program to Restore Ukraine,” reports Interfax-Ukraine.

These funds will be invested in the restoration of key infrastructure in the Donetsk and Luhansk regions, as well as to provide proper living conditions for internally displaced persons.

The corresponding financial agreement between Ukraine and the EIB was signed in Kyiv in December 2014.

The Ministry for Regional Development, Building, and Housing of Ukraine executes the project. The United Nations Development Programme helps to ensure transparency and accountability.

The program covers the territories of the Donetsk and Luhansk regions which are controlled by Ukraine, as well as neighboring Dnipro, Zaporizhzhia and Kharkiv regions, and the city councils of Kyiv, Odesa, Poltava and Kherson regions that have a massive influx of internally displaced persons.

The loan payments for the sub-projects of the Donetsk and Luhansk regions are fully implemented from the state budget, but the sub-projects in other areas include payments only from the local budget.

By May 2019, the government selected 293 sub-projects with a total cost of 3.25 billion Ukrainian hryvnias. These projects include the repair of medical institutions, schools, kindergartens, residential, and public buildings.

Last year, the European Investment Bank and the European Bank for Reconstruction and Development allocated 176 million euros for a new project to improve traffic safety in Ukraine.

  Europe, European Investment Bank, Ukraine, Donetsk, Luhansk