EIB loan is expected to help municipal services / Photo from UNIAN
The European Investment Bank (EIB) has provided a EUR 400 million loan for developing Ukraine’s municipal infrastructure.
A decision on attracting the funds was made at a Cabinet meeting held on July 8, 2015, as reported by the press service of Ukrainian Ministry of Regional Development, Construction, and Communal Living.
The project “will extend the life of critical urban infrastructure in the energy, water and sanitation sectors, reducing losses, improving energy efficiency, reducing the intensity of greenhouse gas (GHG) emissions, and contributing to the security of energy and water supply,” according to the EIB statement.
As UNIAN reported earlier, the Board of Directors of the European Investment Bank approved the provision of loans to Ukraine totaling EUR 1 billion as part of the EUR 3 billion package targeted for 2014-2016.
UNIAN’s memo. The European Investment Bank was established in 1957. The shareholders of the EIB are the 28 EU member states. The Bank’s main objective is to contribute to achieving the goals of the EU by reliable long-term funding of investment projects. The authorized capital is formed from the contributions from the participating states, while each state’s share in the EIB’s capital is based on its economic weight within the EU.
The EIB finances projects in Ukraine according to the mandate of the EU Council and the European Parliament for the Eastern Partnership states, enabling the bank to fund projects of significant interest to the EU and its eastern neighbors, particularly in the field of private sector development, social and economic infrastructure, and climate change.