"The EIB portfolio of projects in the public sector of Ukraine is the largest among international financial institutions," Olga Zykova during the EIB portfolio review

On 7 December, the Ministry of Finance of Ukraine and the European Investment Bank reviewed the loan portfolio of joint projects. The event was chaired by Deputy Minister of Finance of Ukraine Olga Zykova and Head of the EIB Resident Representation in Ukraine Jean-Erik de Zagon.

The review was also attended by representatives of government agencies and beneficiaries: The Ministry for Communities, Territories and Infrastructure Development of Ukraine, the Ministry of Energy of Ukraine, The Ministry of Education and Science of Ukraine, NPC Ukrenergo, Ukrhydroenergo and others.

The Deputy Minister of Finance of Ukraine thanked the EIB representatives and noted that the resources provided by the Bank help in the development and reconstruction of Ukraine during the war.

"We are grateful to the EIB for its financial support to execute projects aimed at improving the lives of citizens and fostering economic development in Ukraine. The EIB played a key role as a financial partner in the implementation of various projects across different sectors of Ukraine's economy. The cooperation covered a wide range of initiatives, including infrastructure, energy, transportation, education, and other sectors. At present, the EIB portfolio of projects in the public sector constitutes the largest volume among international financial institutions”, added Olga Zykova. 

Since 24 February 2022, the EIB has provided EUR 1.7 billion of assistance to Ukraine to finance priority State Budget expenditures. As of December 2023, the EIB's project portfolio in the public sector totalled 25 projects with a total value of EUR 5.2 billion. Of these, 23 projects totalling EUR 4.81 billion are under implementation.

The EIB is actively supporting and implementing initiatives to restore Ukraine's damaged energy infrastructure, in particular, under the Hydropower Rehabilitation project, the Bank provided EUR 133 million in financial support to Ukrhydroenergo to restore Ukraine's damaged hydropower facilities. In addition, the EIB is working with the Ministry of Finance, the Ministry of Energy and NPC Ukrenergo to ensure the protection of critical infrastructure under the projects "Improving the Reliability of Substations", "Construction of the 750 kV Zaporizhzhia NPS - Kakhovska" and "Construction of the 750 kV Rivne - Kyivska NPS".

The EIB also continues to actively support important social projects in Ukraine, namely the Emergency Loan Programme for the Reconstruction of Ukraine and the Recovery Programme for Ukraine, which are aimed at restoring the damaged social infrastructure of local communities in Ukraine.

The Deputy Minister of Finance also stressed that, given Ukraine's needs for the next year and the duration of the war, it is important to optimise the existing project portfolio before concluding new financial agreements between the Government of Ukraine and the EIB.

"Only through coordinated efforts of the Ministry of Finance, executive bodies, and beneficiaries can we achieve successful results. We want to remain a reliable partner for the Bank. I believe that our teamwork and systematic approach will ensure the efficient implementation of projects and the maximization of funds utilization," Olga Zykova said.