The EU approved €1,59 billion in financial aid for Ukraine

The Board of Directors of the European Investment Bank (EIB) approved the allocation of €1,59 billion in financial aid for Ukraine.

The aid package consists of two blocks.

• Immediate financial support in the amount of € 1,05 billion. It should help the Ukrainian government to cover priority short-term financing needs, provide support to strategic state-owned enterprises, ensure immediate repair of damaged infrastructure, restore the provision of damaged utility services, support urgent energy efficiency measures in preparation for the heating season.
• €540 million for the resumption of implementation of EIB-financed projects in Ukraine. These projects will be restored where possible, that is, outside the areas of hostilities and occupation. This money will be allocated to projects in the fields of energy, energy efficiency, roads, transport, education, and infrastructure, as well as reconstruction and recovery programs.

This aid package will be provided by the EU as external lending. This is already the second tranche within the framework of emergency measures from the EIB: earlier, €668 million were allocated to Ukraine in March.

The Minister of Finance of Ukraine, Serhii Marchenko, thanked the EU for the new aid and emphasized that it is another significant contribution to the country's urgent financing needs.

"Thanks to this financial support, we will continue to work on rebuilding the damaged infrastructure, restoring the provision of utility services, in particular transport, and prepare for the next heating season," the Minister said.

In May, the President of Ukraine, Volodymyr Zelensky, said that Ukraine needs 5-7 billion dollars of international support every month in the conditions of war. On July 14, the National Bank reported that since the beginning of the full-scale Russian invasion, Ukraine has already received almost $13 billion in financial aid from international partners.