Representatives of the Ministry of Finance of Ukraine, the European Investment Bank (EIB), and the European Commission discussed the implementation of recovery investment projects in Ukraine.
The meeting was attended by Deputy Minister of Finance of Ukraine Olha Zykova, Head of the Reconstruction and Accession Unit at the Directorate-General for Enlargement and Eastern Neighbourhood of the European Commission, Elena Visnar Malinovska, and Head of the EIB Regional Representation for Eastern Europe Countries, Kristina Mikulova.
A key topic of discussion was the implementation of the investment component (Pillar 2) of the EU's Ukraine Facility financial instrument.
For the years 2024-2027, the Ukraine Facility foresees €9.3 billion for investment projects (with €7.8 billion in guarantees and €1.5 billion in grants).
Olha Zykova highlighted the significant role of the EIB in implementing projects under Pillar 2 of the Ukraine Facility. The Bank plans to allocate €2 billion to:
- Modernize key export routes and railway lines
- Increase the production of hydroelectric power and renewable energy
- Strengthen the national electricity grid
- Restore Ukraine’s healthcare facilities
“The European Union and its institutions, in particular, the EIB, continue to provide steadfast and ongoing support. We are intensifying our efforts on implementing investment projects that address Ukraine’s strategic needs. All these projects will contribute to the rapid recovery and modernization of Ukraine and bring the country closer to the EU,” noted the Deputy Minister of Finance.
In addition to direct investments, the EIB is ready to provide significant advisory support to Ukraine through JASPERS (Joint Assistance to Support Projects in European Regions) in Ukraine.
The EU’s JASPERS program supports the Ukrainian Government in preparing critically important investments and strategies and building capacity in priority economic sectors. The EIB is also advising on implementing the Roadmap for Public Investment Management Reform and the project selection methodology.
Starting in 2024, the Ukrainian Government will implement the PIM (Public Investment Management) reform aimed at improving the efficiency of public fund usage and attracting necessary investments for recovery.
"Significant reconstruction needs and limited resources require a rethinking of the approach to public investment. Our goal is to create conditions under which every hryvnia, euro, or dollar invested will bring the greatest benefit to citizens and contribute to the country's development," emphasized Olha Zykova.
The parties agreed to continue cooperation on implementing investment projects and hold the next meeting soon to agree on the next steps.
