The Ministry of Finance and the EIB discussed projects to support state-owned enterprises

Deputy Minister of Finance of Ukraine Olga Zykova and Government Commissioner for Public Debt Management Yuriy Butsa met with representatives of the European Investment Bank (EIB). The meeting was attended, in particular, by EIB Global Deputy Director General Lionel Rapaille and Head of the Regional Hub for Eastern Europe Kristina Mikulova.

The parties discussed the status of the current project portfolio, priorities for 2026, as well as support for state-owned enterprises and new investment initiatives under the Ukraine Facility.

As of today, the EIB’s portfolio in Ukraine comprises 27 projects totaling EUR 4.7 billion, making it one of the largest among international financial institutions. In 2025 alone, the Bank disbursed nearly EUR 145 million for the implementation of joint projects. These funds were directed toward restoring municipal infrastructure, improving the energy efficiency of public buildings, modernizing cross-border railway connections, and developing urban transport.

In addition, Ukraine and the EIB signed four new loan agreements in 2025 totaling EUR 374 million. To date, three of these agreements, amounting to EUR 240 million, have already been ratified by the Verkhovna Rada of Ukraine and entered into force. Approval of the remaining EUR 134 million agreement is expected in the near future.

Special attention was given to supporting the energy sector and state-owned enterprises. In particular, in 2025 the EIB signed agreements with PJSC Ukrhydroenergo (EUR 120 million) and Naftogaz of Ukraine (EUR 300 million). These are the Bank’s first operations with Ukrainian state-owned companies without sovereign guarantees, backed instead by EU guarantees, which enabled the rapid financing of critical needs, including preparations for the heating season.

The parties noted the effectiveness of this new approach to financing state-owned enterprises and emphasized the importance of its continued application, including through the use of European Commission guarantees, as well as the need to expand the grant component to reduce debt burdens.

EIB representatives expressed their readiness to consider providing financial support to public sector enterprises delivering essential services to the population. This includes companies such as Ukrainian Railways (Ukrzaliznytsia), Naftogaz of Ukraine, and Ukrenergo, which require continued financing amid ongoing russian attacks on energy and transport infrastructure.

Additional financial resources will help restore damaged infrastructure, build reserves of critical equipment, and support preparations for the 2026–2027 heating season. The preliminarily agreed pipeline of EIB projects in Ukraine under the Ukraine Facility for the next two years already amounts to up to EUR 600 million.

The Ukrainian side also emphasized the importance of continuing the implementation of ongoing projects and extending the relevant agreements, which will enable the mobilization of financing already in 2026.

“We welcome the EIB’s readiness to expand its investment portfolio in Ukraine and support critical recovery projects. Our priority is to ensure the efficient, transparent, and strategically aligned use of every euro of financing in line with reconstruction needs and the country’s fiscal capacity,” said Deputy Minister of Finance of Ukraine Olga Zykova.

The parties agreed to continue close coordination to accelerate the preparation and implementation of joint projects, as well as to conduct regular portfolio reviews to enhance cooperation efficiency. The first portfolio review of the EIB’s loan portfolio in Ukraine is tentatively scheduled for spring 2026.