Ukraine will receive EUR 100 million from the Council of Europe Development Bank within the project "HOME. Compensation for destroyed property"

On 25-26 March, Deputy Minister of Finance of Ukraine Olga Zykova participated in the meeting of the Administrative Council of the Council of Europe's Development Bank (CEB) as the official representative of Ukraine. The event was held in Paris, France. 

During the meeting of the Bank's Administrative Council, a new project "HOME. Compensation for destroyed property" was presented, which provides for a loan of EUR 100 million to Ukraine. Following the discussion, the project was supported and approved by the CEB Administrative Council. 

The funds raised will be used to support the direct assistance mechanism, through which the final beneficiaries, including combatants, disabled people and large families, will receive compensation for housing destroyed as a result of hostilities and terrorist attacks by the russian federation in the form of certificates for the purchase of housing. The project will be implemented all over Ukraine. 

Olga Zykova thanked the Bank's leadership for their active support and solidarity with Ukraine and noted the importance of social sector support projects for sustainable social development and recovery. 

"The housing sector remains one of the most affected by the war, with total losses estimated at almost USD 50 billion. The effective implementation of the HOME project will help the Government provide the necessary assistance to citizens whose homes were destroyed or damaged as a result of hostilities. The project provides compensation for more than 2,000 housing certificates, which will allow about 5,700 Ukrainians receive compensation for destroyed housing. The new project for Ukraine will allow citizens who have received compensation for their destroyed homes to return to their normal lives as soon as possible," the Deputy Minister of Finance said. 

The HOME project will be implemented within the framework of the current legislation, in particular, the Law "On compensation for damage and destruction of certain categories of immovable property as a result of hostilities, acts of terrorism, sabotage caused by the armed aggression of the russian federation against Ukraine” and through the eVidnovlennya service. 

This will allow citizens to apply for and receive certificates of compensation for damaged property. After automated verification, the application for a certificate will be processed and approved by a special State Compensation Commission. The entire course of the application will be available in the Diia app. 

For its part, the Ministry of Communities, Territories and Infrastructure Development of Ukraine ensures comprehensive and full monitoring of the use of the Bank's loan funds under this project, in particular through the State Register of Property Damaged and Destroyed as a Result of Hostilities, which allows tracking detailed data on applications submitted and the number of applications by region. First of all, the number of applications, the percentage of processing and the dynamics of submissions, the total amount of certificates generated, the number of applications that received a positive decision, as well as the type of property for which the application was submitted, and the availability of benefits for applicants.

The Registry also updates information on a daily basis on the total amount of certificates issued and used, the dynamics of their use, the type of property purchased, the real estate market, the seller (legal entity or individual), and information by region on the use of certificates and the corresponding amounts.

"This is the second project for Ukraine that the Bank has submitted for approval by the Administrative Council in less than a year after Ukraine joined the CEB which demonstrates its trust in Ukraine as a partner. Ukraine continues to work actively on joint projects with the Bank and seeks to further deepen bilateral cooperation. I am convinced that strong teamwork will contribute to the achievement of our common long-term political and economic goals," Olga Zykova added. 

In June 2023, Ukraine completed the accession process and became the 43rd member state of the Council of Europe Development Bank. On 7 November 2023, Deputy Minister of Finance Olga Zykova was appointed as the representative of Ukraine to the Administrative Council of the Council of Europe Development Bank (CEB) by the Decree of the President of Ukraine.

For their part, the Bank's leadership and representatives of the member states expressed their unwavering support for Ukraine and assured of their intention to develop cooperation with Ukraine for its recovery, economic growth and improvement of the living standards of its citizens.