The European Investment Bank (EIB) will support the extensive modernisation of the electricity transmission infrastructure in Ukraine, 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 it has signed with the EIB May,1 which will provide guarantees to back the EIB’s loan.
The EIB and Ukraine also signed a Memorandum of Understanding to develop an urban road safety project in Ukraine, which 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 €4.25 million technical assistance grant that will support the 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.
European Commissioner for Transport, Violeta Bulc, underlined: “We have developed expertise and commitment in improving road safety in the EU and are glad to share this globally with partner countries such as Ukraine. I am pleased that today Ukraine and EIB sign this important programme which is also supported by EU funds.”
The EIB is the European Union’s bank. It is the long-term lending institution of the EU and is the only bank owned by and representing the interests of the European Union Member States. The EIB works closely with other EU institutions to implement EU policy. The EIB finances projects in Ukraine on the basis of the EU’s External Lending Mandate.
