European Investment Bank supports upgrade of energy and road infrastructure in Ukraine

ongoing

The European Investment Bank (EIB) is lending €136m to Ukraine’s National Power Company Ukrenergo in support of an extensive modernisation programme of its transmission infrastructure, helping to ensure that Ukrainian citizens and companies have a reliable source of electricity. The Ukrainian Government strongly supports this project as evidenced by the agreement that they signed with EIB today that will provide guarantees to back the EIB loan. The EU bank and Ukraine also today signed a Memorandum of Understanding to develop a Ukraine Urban Road Safety project that will provide infrastructure investment designed to improve urban road safety – a major issue for citizens in Ukraine and a priority for the Ukrainian Government. The EU also intends to provide a €4.25m technical assistance grant that will support development and implementation of the project, ensuring Ukraine has access to best practice in road safety. The projects, which are backed by an EU guarantee under the EIB’s external lending mandate, are of particular significance as both the transport and energy sectors have been identified by the EU and by Ukraine as key areas for cooperation.