Sergii Marchenko: the total portfolio of EIB projects in Ukraine is over EUR 5 billion

Today, on 19 March, as part of a working visit to Luxembourg, Prime Minister of Ukraine Denys Shmyhal and Minister of Finance of Ukraine Sergii Marchenko met with the newly appointed President of the European Investment Bank Nadia Calvino. 

The main topic of the meeting was the Government's further steps and mechanisms for the effective implementation of the Bank's projects in Ukraine and the attraction of the necessary financing. 

The EIB's public sector initiatives include 25 projects totalling EUR 5.2 billion. Of these, 23 projects totalling EUR 4.81 billion are under implementation. 

In 2023, the EIB allocated EUR 262 million to projects in Ukraine, which is almost 8 times the amount of the investment component in 2022. The main areas of funding were to ensure the restoration of damaged critical energy infrastructure - about EUR 133 million. 

In addition, it is worth noting that 2023 was the most successful year in terms of attracting EIB loans for investment projects over the past 5 years.  For example, in 2019, the EIB loan amounted to EUR 139.7 million, in 2020 - EUR 104.29 million, in 2021 - EUR 163.54 million, and in 2022 - EUR 4.6 million for the implementation of investment projects. 

The Minister of Finance thanked the EIB leadership and noted that the funds raised through joint initiatives with the Bank help in the process of restoring and overcoming the consequences of russia's armed aggression. 

"The full-scale war is ongoing and continues to cause significant damage to Ukraine's infrastructure, social sphere and economy. The government is making substantial efforts to preserve the country's financial stability, and the assistance of our partners is crucial for us. The implementation of joint projects with the EIB aimed at improving the lives of Ukrainians and economic development helps to overcome the devastating consequences of the war and provide citizens with the necessary services," added Sergii Marchenko. 

Regarding the discussion of the existing initiatives, Sergii Marchenko stressed that the Ministry of Finance is currently working hard on possible mechanisms to establish new financial agreements with the EIB and to increase the efficiency of the existing initiatives in 2024.

"This will allow us to use the Bank's funds efficiently and transparently within the framework of projects to provide the necessary assistance to the communities in Ukraine which are currently in the greatest need of social and financial support," the Minister of Finance added. 

As a result of the meeting, the parties agreed to continue working on the effective implementation of current and potential projects and attracting new investments of the Bank to Ukraine. 

The Minister of Finance and the EIB President comment on further cooperation between Ukraine and the Bank at the link.