On October 3, the Ministry of Finance of Ukraine and the European Investment Bank (EIB) held their annual review of the credit portfolio for joint projects, highlighting ongoing cooperation aimed at Ukraine’s post-war recovery. The meeting was chaired by Deputy Finance Minister Olga Zykova and EIB Head of Representation in Ukraine Kristina Mikulova, with participation from European Commission and EU Delegation officials.
Representatives from key Ukrainian government bodies also attended, including the Ministries of Energy, Education and Science, Internal Affairs, and Regional Development, as well as state agencies and enterprises such as Ukrenergo, Ukrhydroenergo, Ukrzaliznytsia, Ukrposhta, and several state-owned banks.
The EIB’s active project portfolio in Ukraine is among the largest of any international financial institution, comprising 27 ongoing initiatives totaling €4.7 billion. These projects focus on restoring transport and social infrastructure, improving energy efficiency, modernizing critical facilities, and developing public transport systems.
During the review, officials discussed amendments to existing projects that will enable Ukraine to mobilize over €95 million in the coming months. Funding will support the purchase of public transport vehicles, modernization of water and waste management systems, city lighting upgrades, and reconstruction of schools, kindergartens, hospitals, and higher education institutions. The funds will also co-finance projects for cross-border railway development.
Zykova emphasized the importance of the review in implementing the European Commission’s Pillar II Ukraine Facility, which allows EIB-backed financing of state-owned enterprises without requiring government guarantees. “This instrument creates opportunities for Ukraine and its European partners to respond effectively to new challenges,” she said.
The Ministry of Finance and the EIB have already applied this innovative financing approach in landmark agreements with Ukrhydroenergo and Naftogaz Ukraine, totaling €420 million using European Commission guarantees. Zykova described these deals as a “historic step” demonstrating the mechanism’s effectiveness.
Looking ahead, Ukrainian authorities and the EIB aim to accelerate project implementation, secure financing for new initiatives, and demonstrate measurable results across the existing portfolio. Grant funding will also be actively pursued to reduce pressure on the state budget.
Discussions also included plans for potential new EIB funding of €2.1 billion for 2026–2027, targeting critical sectors such as transport, logistics, energy, social infrastructure, and municipal services.
In 2025 alone, Ukraine and the EIB signed several credit agreements totaling €374 million in areas including digital infrastructure, roads, and social and critical facilities. These agreements are currently moving toward implementation.
Deputy Minister Zykova concluded by expressing gratitude for the EIB’s unwavering support and solidarity since the start of Russia’s full-scale invasion. She highlighted that over €2 billion in emergency financing provided by the EIB has played a crucial role in stabilizing Ukraine’s economy and laying the groundwork for post-war recovery.
