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

The document involves the allocation of €840 million to implement priority projects to restore Ukraine's infrastructure in 2023.

The memorandum was signed on the sidelines of the Ukraine Recovery Conference 2023, held this week in London.

"Since the beginning of Russian Federation's full-scale invasion, the European Investment Bank has provided Ukraine with €1.7 billion in emergency aid. This money has been used for the state budget needs and supported the Ukrainian economy. Today, we are expanding our cooperation in Ukraine's recovery.

We are going to jointly work on a number of projects aimed at restoring municipal and transport infrastructure, improving energy efficiency, etc. We appreciate the support the Bank has already provided to Ukrainians and would like to thank EIB President Werner Hoyer for his cooperation and the crucial role of the Bank for Ukraine's resilience in the face of war," said Oleksandr Kubrakov.

In particular, the €840 million envisaged by 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 supply and wastewater infrastructure;
• transport networks and urban public transport.

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

The European Investment Bank is among the largest lenders to Ukraine. Today, the project portfolio implemented by the EIB together with Ukrainian public, municipal and business sectors reaches more than €7 billion.