Deputy Minister of Finance of Ukraine Olga Zykova meets with representatives of the European Investment Bank

Today, on 14 September, representatives of the Ministry of Finance of Ukraine and the European Investment Bank (EIB) held a meeting. 

The meeting was attended by Deputy Minister of Finance of Ukraine Olga Zykova, the European Investment Bank was represented by Jean-Erik De Zagon, Head of the EIB Resident Representation in Ukraine, and Rafal Rybacki, Head of the Public Sector Lending Department for Eastern Europe.

The parties discussed the current economic and financial situation in Ukraine, the status of joint projects, as well as prospects and directions for further cooperation with the Bank in the areas of recovery and reconstruction.

Olga Zykova outlined the state of the economy and financial system. GDP growth for 2023 has been revised and improved, inflation has been falling faster than expected for eight consecutive months, and tax revenues have risen to pre-war levels.

"In 2023, we are much stronger than a year ago. Thanks to the effective policies of the Government of Ukraine and strong financial assistance from international partners, Ukraine continues to maintain macro-financial stability. In 2023, the Ministry of Finance attracted almost USD 30 billion of external financing to the State Budget. The largest donors are the European Union, the United States, the IMF, Canada and Japan," the Deputy Minister of Finance added.

Olga Zykova also thanked the EIB for the financial support provided by the bank in 2022 in the amount of EUR 1.05 billion: 

"The Bank's support played an important role in overcoming the economic consequences of the war. Funds from the EIB were directed to the priority needs of the State Budget of Ukraine, in particular, to restore critical infrastructure that was damaged as a result of the armed aggression of russia."

Regarding further cooperation, the parties discussed priority areas, namely the support and restoration of critical infrastructure, which will help accelerate economic recovery and bring Ukrainians back home.

The EU for Ukraine Initiative programme, recently approved by the EIB Board of Directors, was also mentioned. This is a new mechanism for financing reconstruction and recovery projects in Ukraine. As part of the programme, the EIB is establishing the EU for Ukraine Fund, which will allow donors to make contributions that will significantly improve the EIB's lending terms for both the public and private sectors.

The parties agreed to review the portfolio of joint projects in the near future for the first time since 2021.