The European Investment Bank allocated almost €1.6 billion to Ukraine for reconstruction

Anna Kholodnova

On July 25, the Board of Directors of the European Investment Bank (EIB) approved the provision of another €1.59 billion for the reconstruction of Ukraine. €1.05 billion will be provided immediately.

This is stated in a statement on the bankʼs website.

The funds were allocated within the EIB Ukraine Solidarity emergency response program developed together with the European Commission. This is the second aid package under this program — before it, the EIB provided Ukraine with €668 million within a month of the start of the full-scale Russian invasion.

"This will provide the necessary funds to cover urgent needs and ensure the operation of critical infrastructure. We continue to maintain regular contact with the government of Ukraine in order to flexibly assist as needed. This is a question of investments in the future of Ukraine, the future of Europe, and the future of the free world," said EIB Vice President Tereza Chervinska, who is responsible for the bankʼs activities in Ukraine.