Oleksandr Kubrakov, Deputy Prime Minister for Restoration of Ukraine and Minister for Communities, Territories and Infrastructure Development, and Werner Hoyer, President of the European Investment Bank (EIB), have signed a Memorandum of Understanding on cooperation in Ukraine's recovery projects.

It provides for the allocation of EUR 840 million for the implementation of priority projects to restore Ukraine's infrastructure in 2023.

The document was signed on the sidelines of the Ukraine Recovery Conference 2023, which is taking place this week in London.

"Since the beginning of the full-scale invasion of russia, the European Investment Bank has provided EUR 1.7 billion in emergency assistance to Ukraine. This money has been used to meet the needs of the state budget and support the Ukrainian economy. Today we are expanding our cooperation in Ukraine's recovery.

We will be working together on a number of projects aimed at rebuilding municipal and transport infrastructure, improving energy efficiency, etc. We appreciate the support that the Bank has already provided to Ukrainians and thank EIB President Werner Hoyer for his cooperation and the Bank's critical role in Ukraine's resilience in the face of war," said Oleksandr Kubrakov.

In particular, the EUR 840 million provided for in the Memorandum will be used to prepare, assess, finance and implement recovery projects:

• municipal infrastructure (schools, hospitals, etc.)
• public buildings with regard to energy efficiency;
• water and wastewater infrastructure;
• transport networks and urban public transport.

The EIB will also finance the development of digital transformation and strengthening of cybersecurity.

In addition, the Memorandum envisages cooperation between Ukraine and the EIB on

• use of the EIB's special trust fund, the EU for Ukraine Fund;
• lending to projects in Ukraine with the support of guarantees from the European Fund for Sustainable Development Plus (EFSD+).

The Ministry of Infrastructure and the EIB will also work on the implementation and application of a technical and advisory assistance package for Ukraine worth about EUR 100 million.

The European Investment Bank is one of the largest lenders to Ukraine. To date, the EIB's portfolio of projects with the Ukrainian public, municipal and business sectors is worth more than EUR 7 billion.