Council of Europe Development Bank approved additional €150 million for two housing projects in Ukraine

Deputy Minister of Finance of Ukraine Olga Zykova took part in the meeting of the Administrative Council of the Council of Europe Development Bank (CEB) as the official representative of Ukraine. The event was held in Paris, France.

During the meeting of the Administrative Council of the Bank, a new EUR 50 million project for Ukraine was presented, aimed at helping internally displaced persons (IDPs) obtain their own housing. Following discussions, the project was supported and approved by the Administrative Council of the Council of Europe Development Bank (CEB).

Additionally, a decision was made to allocate an extra EUR 100 million for the "HOME: Compensation for Destroyed Housing" project. These funds will be directed toward supporting a direct assistance mechanism, enabling final beneficiaries - including soldiers, people with disabilities, and large families - to receive compensation for housing destroyed due to hostilities and terrorist attacks by russia. Compensation will be provided in the form of housing purchase certificates. The project is being implemented across Ukraine.

Olga Zykova expressed gratitude to the Bank’s leadership for its active support and highlighted the importance of expanding cooperation in the social sector.

"The housing sector remains one of the most affected by the full-scale war. The effective implementation of housing projects contributes to the Government’s ability to provide essential support to citizens whose homes have been destroyed or damaged due to hostilities, as well as to those forced to flee their homes. Ukraine continues to work actively on implementing joint projects with the Bank and seeks to deepen bilateral cooperation to ensure that thousands of Ukrainians continue receiving the necessary support. Our constructive partnership will help achieve shared long-term political and economic goals," noted the Deputy Minister of Finance.

The financing of the new EUR 50 million concessional loan project for IDPs will provide housing for 1 460 Ukrainian families in 2025 under the most affordable conditions. Internally displaced families can obtain a loan through the State Fund for Support of Youth Housing Construction at a fixed interest rate of 3% per year for up to 30 years, with a minimum down payment of 6% of the chosen housing cost.

An additional EUR 100 million under the HOME project will be allocated to provide compensation through more than 2 000 housing certificates, enabling around 5 700 Ukrainians to receive compensation for destroyed housing.

In 2024, Ukraine already received EUR 100 million from CEB through the HOME project. This initiative allows certificate holders - who received compensation under the state eVidnovlennia program for damaged and destroyed housing—to purchase new homes to replace those lost due to russian aggression. Over 5 000 citizens have already acquired new housing. In 2024, approximately 1 643 residential properties have been purchased with funds from the Council of Europe Development Bank.

How can Ukrainians obtain a certificate under the HOME project?

Citizens can submit requests through the eVidnovlennia service to receive corresponding compensation certificates for damaged property. After an automated verification process, a special State Compensation Commission will review and approve the application. The entire process can be tracked in the Diia mobile application.

The Ministry for Development of Communities and Territories of Ukraine ensures comprehensive monitoring of the use of the Bank’s credit funds under this project, particularly through the State Register of Property Damaged and Destroyed Due to Hostilities. This system allows tracking detailed data on submitted applications, their distribution across regions, processing rates, the dynamics of submissions, the total amount of issued certificates, the number of approved applications, and the type of property for which applications are submitted, including whether applicants qualify for benefits.

The Register is updated daily, providing information on the total sum of issued and used certificates, the dynamics of their utilization, the types of acquired properties, real estate market data, sellers (legal entities or individuals), and regional breakdowns of certificate usage and corresponding sums.

During the meeting, the Bank’s leadership and representatives of member states reaffirmed their unwavering support for Ukraine and expressed their commitment to further developing cooperation to facilitate Ukraine’s recovery, economic growth, and improvement of citizens’ living standards.

Additional Information

In June 2023, Ukraine became the 43rd member state of the Council of Europe Development Bank. On November 7 of the same year, the President of Ukraine appointed Olga Zykova as the country's official representative in the Bank’s Administrative Council.