EIB bolsters Ukraine’s post-war recovery with €450 million plan and new Kyiv hub By Investing.com
Investing.com | Editor Nikhilesh Pawar
Published Nov 27, 2023 01:04PM ET
UKRAINE – In a significant move to support Ukraine’s post-war reconstruction, European Investment Bank (EIB) President Werner Hoyer met with Ukrainian Prime Minister Denys Shmyhal today in Kyiv. The discussions centered on efforts to rebuild the war-torn nation, with a particular focus on restoring infrastructure, energy, and heat provision, along with municipal projects.
During the meeting, Shmyhal expressed gratitude to the EIB for its substantial financial aid, which has exceeded €7.5 billion since March 2022. This support has been crucial in providing early state budget assistance and developing effective tools for reconstruction. Shmyhal highlighted the EIB’s consistent collaboration with local communities and praised the strategic decision to open a regional hub in Kyiv. This new EIB office is expected to play a key role in coordinating regional construction and recovery efforts.
The visit of the EIB President to Kyiv also marked the inauguration of the EIB Regional Hub and the advancement of a €450 million recovery plan. This initiative is part of the broader EU4U Initiative, which has received €500 million in contributions from EU member states dedicated to Ukraine’s rebuilding. The funds are aimed at enhancing transport, energy, and municipal infrastructure, in areas where the EIB has invested €7.3 billion over the past 16 years.
The EIB’s continued commitment to Ukraine comes at a crucial time as the country seeks to recover from the devastation caused by the Russian invasion. The talks in Kyiv also precede anticipated discussions between EU chief Charles Michel and Hungarian Prime Minister Viktor Orban, which are expected to address Hungary’s resistance to providing financial aid to Ukraine.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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Written By: Investing.com
