The Ministry of Finance and the European Investment Bank discussed projects to restore damaged energy infrastructure ahead of the next heating season

Ukraine’s Finance Minister Sergii Marchenko met with Vice-President of the European Investment Bank (EIB) Karl Nehammer.

The meeting was also attended by Head of the EIB Ukraine Investment Team in Ukraine Matteo Rivellini, Head of the Regional Hub for Eastern Europe Kristina Mikulova, and representatives of the Ministry of Finance of Ukraine, including Deputy Ministers Olga Zykova and Oleksandr Kava.

The parties reviewed the results of cooperation in 2025, the progress of the current project portfolio, support for state-owned enterprises, and the recovery of energy and transport infrastructure.

Preparations for the 2026 project pipeline were also discussed. The preliminary list of EIB projects in Ukraine under the Ukraine Facility for the next two years amounts to around EUR 600 million.

“We highly value our strategic partnership with the European Investment Bank and its significant contribution to restoring Ukraine’s critical infrastructure. Our priority is to ensure effective and balanced financing, including grants and European Union guarantees, to support the financial resilience of state-owned enterprises and accelerate recovery, in particular the restoration of damaged energy infrastructure ahead of the next heating season,” Sergii Marchenko said.

The EIB portfolio in Ukraine remains one of the largest among international financial institutions, comprising 27 projects totaling EUR 4.7 billion. These projects cover transport infrastructure development, restoration of social facilities, energy efficiency of public buildings, modernization of energy and critical infrastructure, and urban transport development.

In 2025, EIB disbursements reached nearly EUR 145 million, and five agreements totaling EUR 390.5 million were signed, including four loan agreements worth EUR 374 million and one grant agreement of EUR 16.5 million. Projects include the 112 emergency response system, social infrastructure recovery under the Ukraine Recovery III programme, restoration of water supply and wastewater systems, and improvements to road networks under the EU “Solidarity Lanes” initiative. Three agreements worth EUR 240 million have already been ratified by the Verkhovna Rada of Ukraine and entered into force.

Last year, total EIB financing for Ukraine’s public and private sectors reached EUR 1.5 billion. For the first time, agreements were signed with state-owned companies without state guarantees totaling EUR 420 million under EU guarantees: EUR 300 million for Naftogaz of Ukraine for emergency gas purchases and EUR 120 million for Ukrhydroenergo to restore damaged hydropower equipment. The parties noted the effectiveness of this new approach and stressed the importance of its further application.

Special attention was given to supporting state-owned enterprises, including Ukrainian Railways, Naftogaz of Ukraine, and Ukrenergo. Participants emphasized the need to combine concessional loans with substantial grant components to ensure financial resilience and restore damaged energy and transport infrastructure ahead of the next heating season.

The parties agreed to continue close coordination to ensure sustainable financing of joint projects in the coming years.