(BRIEF) EIB President Nadia Calviño welcomed Ukrainian Prime Minister Denys Shmyhal to the EIB’s headquarters, marking a vital milestone in ensuring Ukraine’s energy security amid persistent war-related challenges. renewable energy provider, which aims to rehabilitate and maintain the country’s hydropower production, in particular to address the damage caused by the war. Thanks to the EIB’s unwavering commitment to Ukraine, adding the allocation of €2 billion for emergency infrastructure maintenance since the Russian war invasion, the MoU underlines a strategic partnership to boost recovery efforts and cooperation on critical national infrastructure projects.
(PRESS RELEASE) LUXEMBOURG, 20 March 2024 — /EuropaWire/ — EIB President Nadia Calviño received Ukrainian Prime Minister Denys Shmyhal at EIB headquarters. The assembly facilitated discussions on the progress of ongoing projects and the signing of a memorandum with Ukrhidroenergo, the major renewable energy supplier that has suffered the consequences of the war, adding the destruction of the Kakhovka dam.
The EIB has committed €2 billion for emergency infrastructure maintenance in Ukraine since Russia’s full-scale invasion of the country.
In line with Ukraine’s investment priorities and driven through the Ukraine Plan and the European Union Mechanism for Ukraine, today’s Memorandum underlines the importance of cooperation between the EIB and Ukraine on national infrastructure projects aimed at recovery and reconstruction. and maintenance of the country’s hydroelectric production. An estimated €100 million loan is being considered for this purpose, although final approval from the EIB has not yet been obtained.
The MoU was signed by EIB Vice-President Teresa Czerwińska, Head of the Bank’s operations in the region and CEO of Ukrhidroenergo, Ihor Syrota, in the presence of EIB President Nadia Calviño and Ukrainian Prime Minister Denys Shmyhal.
Ukrainian Prime Minister Denys Shmyhal said: “We are grateful for the EIB’s unwavering and significant contribution to Ukraine’s energy security. Due to the movements of Russian terrorists, Ukraine’s hydropower capacity has lost about 2,500 MW. With the help of our partners, we have already been able to repair more than 1,500 MW. The recovery is progressing and will accelerate. We appreciate the active role of the EIB and projects in key sectors of the Ukrainian economy.
Ukrhidroenergo’s CEO, Ihor Syrota, said: “The European Investment Bank is our reliable long-term partner. We appreciate the Bank’s assistance to Ukrainians in the future and are deeply grateful for its cooperation and funding of Ukraine’s recovery projects in the current decade. long war. The signing of this memorandum is a vital step in ensuring the energy security of our country in general, as well as the sustainable progress of the hydropower industry in particular.
EIB President Nadia Calviño said: “We remain steadfast in our support for Ukraine. The €50 billion EU Facility for Ukraine provides the EIB with a vital role, and our groups are committed to deploying all mandatory resources to boost aid and cooperation in key sectors that are critical to the country. I reaffirmed to Prime Minister Denys Shmyhal our commitment to work together on projects, ranging from key energy infrastructure to rebuilding homes and hospitals, together with our EU partners and other foreign monetary institutions, to further help Ukraine’s path to EU membership.
EIB Vice-President Teresa Czerwińska, who is responsible for the Bank’s operations in Ukraine, added: “By focusing on critical infrastructure projects, specifically in the force sector, we aim not only to meet the rapid desires for recovery, but also to lay a solid foundation for the recovery of Ukraine. Ukrhydrenergo, to ensure the safety of Ukrainian forces at a time of repeated attacks on civilian forces’ infrastructure across Russia.
Energy remains a very sensible priority for the EIB in Ukraine, along with critical infrastructure, the maritime sector, social infrastructure and the personal sector.
Background information
The EIB has been present in Ukraine since 2007 and has been a tireless supporter of the country’s integration into the EU, which has become even more important since Russia’s full-scale invasion. The Bank, with a portfolio of signed projects valued at €7. 3 billion, has invested in municipal infrastructure, energy, maritime transport and small businesses, all with the aim of improving daily life, driving economic expansion and supporting Ukraine’s resilience and reconstruction. Since Russia’s full-scale invasion of Ukraine in 2022, the EIB has provided immediate assistance, disbursing €2 billion in financing for emergency maintenance of the country’s devastated infrastructure.
Through the EU-Ukraine Initiative and its Fund, together with the Bank’s key role in the implementation of the €50 billion European Union Fund for Ukraine, the EIB remains committed to scaling up its activities in line with the mandate given through EU leaders. close cooperation with the European Commission, the European Parliament, EU Member States and their partners.
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SOURCE: European Investment Bank
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