Olga Zykova met with EIB representatives

On June 2, Deputy Minister of Finance of Ukraine Olga Zykova held a meeting with the Head of EIB Resident Representation in Ukraine Jean-Erik de Zagon and Head of the EIB division for public sector lending operations in EU neighboring countries Rafal Rybacki.

The parties discussed the economic situation, current state of the ongoing projects, needs for recovery, as well as plans for the implementation of new joint projects for the rapid recovery of Ukraine.

“The Ministry of Finance and the European Investment Bank have a significant experience of fruitful cooperation, and now, at the time of full-scale military aggression, we are grateful for the support and the projects that are being implemented,” said  Olga Zykova.

Olga Zykova emphasized the importance of the European Investment Bank providing a support package in the amount of EUR 1.05 billion under the project's pipeline. The specified funding is directed to the priority needs of the state budget of Ukraine, in particular, to the restoration and modernization of transport infrastructure, electricity, heating and water supply facilities damaged by hostilities, the preparation of housing and communal facilities for the heating season, ensuring energy efficiency and energy saving, as well as support of state-owned enterprises “Ukrenergo” and “Ukrzaliznytsia”, which are vital for the country's economy during wartime.

“Currently, the Ministry of Finance and the Ministry of Infrastructure are conducting negotiations regarding this year's allocation of funds from the European Investment Bank in the amount of 600 million euros for the recovery of Ukraine`s damaged critical infrastructure,” said Olga Zykova.

The parties also discussed the possibilities of expanding further cooperation, in particular, in overcoming the consequences of a full-scale war. The Deputy Minister of Finance emphasized that according to the Second Ukraine Rapid Damage and Needs Assessment (RDNA2) report, Ukraine needs USD 14.1 billion for priority recovery. Olga Zykova noted that the State Budget already envisages USD 3.3 billion for the rapid recovery of Ukraine. 

Also, during the meeting, the parties discussed a list of potential investment projects that will be focused on the restoration of Ukraine, reconstruction and development of transport infrastructure, modernization of water supply and drainage.

Olga Zykova informed the representatives of the Bank about the preparation of the Ukraine Recovery Conference 2023 (URC), which is planned to be held later this month in London.