Olga Zykova and the CEB leadership reviewed the Bank’s loan portfolio in Ukraine

The Ministry of Finance of Ukraine and the Council of Europe Development Bank (CEB) held the annual review of the loan portfolio of joint projects, including the progress achieved in cooperation with the Bank and the implementation of projects in 2025.

The meeting took place in Paris and was chaired by Deputy Minister of Finance Olga Zykova, CEB Director of Loans and Social Development Cristian Tabacaru, and Head of the Grant Operations and New Instruments Division Jasmina Glisovic.

Representatives of state institutions – project implementing agencies and beneficiaries – also joined online: the Ministry for Communities and Territories Development of Ukraine, the Ministry of Social Policy, Family and Unity of Ukraine, the Ministry of Health of Ukraine, and the State Fund for Youth Housing Construction Support.

Currently, the CEB’s loan portfolio in Ukraine includes 5 projects with a total value of EUR 550 million. These projects aim to address Ukraine’s priority needs in healthcare and housing policy, including housing support for citizens, particularly internally displaced persons (IDPs). The portfolio includes:

• Health Enhancement and Life-Saving (HEAL) project – EUR 100 million;
• HOME: Compensation for Destroyed Housing and HOME 2: Compensation for Destroyed Housing projects  – a total of EUR 200 million;
• Housing for IDPs project– EUR 50 million;
• Support for Internally Displaced Persons in Ukraine project – EUR 200 million.

Olga Zykova thanked the CEB for its unwavering support and solidarity with Ukraine over the past two years of cooperation. Since mid-2023, Ukraine has attracted nearly EUR 430 million under these projects – about 80% of all credit resources currently provided by the Bank. These funds have helped support the social well-being of Ukrainian citizens and laid the groundwork for further recovery.

In particular, under the HOME and HOME 2 projects, Ukraine has already received EUR 170 million, which has enabled the financing of 3,850 housing certificates (compensation for homes destroyed by hostilities and russian terrorist attacks). This has provided more than 10,600 Ukrainians with new housing. Of these, 1,090 certificates were issued in 2025. In total, approximately 4,480 certificates are expected to be issued, helping around 11,160 Ukrainians.

“For Ukraine, in the context of ongoing armed aggression, the priority is not only the effective mobilisation but also the targeted and transparent use of every euro of international financial assistance. This support is a lifeline that enables us to simultaneously rebuild what has been destroyed, preserve social stability, and lay the foundation for future recovery. In this context, our strategic partnership with the Council of Europe Development Bank is one of the key tools for achieving our shared goals. Over more than two years of cooperation, we have already implemented a number of social projects that have improved the lives of thousands of Ukrainians, and we look forward to strengthening our cooperation further,” said Deputy Minister of Finance of Ukraine Olga Zykova.

In 2025, Ukraine also attracted EUR 200 million under the Support to IDPs in Ukraine project and EUR 25 million for the Housing for IDPs project.

The parties also discussed potential grant support that the CEB plans to allocate to Ukraine for restoring healthcare facilities damaged by hostilities, reconstructing war-damaged housing and university buildings, and supporting the Business Development Fund. They also explored the possibility of expanding the Bank’s loan portfolio.

By the end of the year, Ukraine is expected to receive an additional EUR 155 million in loan funds under joint projects with the CEB to support IDPs, compensate for destroyed housing, and provide preferential long-term housing loans. The parties agreed to continue expanding cooperation in the years ahead.