The EU has allocated 1.5 billion euros to Ukraine: which areas will receive funding
Фото: Pixabay
The Sixth Ukraine Investment Framework Supervisory Committee approved a new package of eight programs worth €1.5 billion to support key sectors of Ukraine’s economy.
This was reported by the Delegation of the European Union to Ukraine.
The new programs are expected to attract about 3.4 billion euros in investment. The funds will be directed to energy, education, communications, agricultural development and support for small and medium-sized businesses. Part of the funding will be used to build shelters in educational institutions.
The European Union has also provided for the first time funding for dual-use technologies and strategic industries. Brussels explains that this step is in line with the European Commission’s new commitments to support Ukraine’s economic stability.
Financing is being implemented through international financial institutions. These include the European Bank for Reconstruction and Development, the International Bank for Reconstruction and Development, the German development bank KfW, and the International Finance Corporation. New partners will also join the programs – Finnvera, BPIFrance, and CDP.
In total, the Ukraine Investment Framework has already approved funding worth €8.4 billion, or around 90% of the instrument’s total budget. The EU estimates that these funds could mobilise up to €25.2 billion in investment in Ukraine’s economy.
The meeting of the UIF Steering Committee, chaired by the European Commission, was attended by representatives of EU countries, observers from the European Parliament, the Government and Verkhovna Rada of Ukraine, the Government of Norway, as well as leading European and international financial institutions.
It was previously reported that Germany will provide Ukraine with 200 million euros in aid to strengthen its defense against Russian attacks on energy infrastructure.
As a reminder, Ukraine will receive the first tranche of $1.5 billion from the International Monetary Fund in the coming weeks.
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