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Saturday, June 24, 2017

EIB, EUB to invest $3.7 billion in Ukraine through 2016

European Investment Bank (EIB) President Werner Hoyer released a statement Saturday stressing the entity's commitment to investing in Ukraine's industrial and infrastructure bases.

In his statement, Hoyer said both the EIB and European Union Bank are committed to Ukrainian support measures. They have agreed on a set of measures that would loan a combined $3.7 billion to the country through 2016.

The areas that the financing would primarily tackle are those areas affected by conflict and unrest; enhancements to the private sector, including small and medium-size enterprises (SME). The final peg of support aims to develop strategic infrastructure updates, focusing on transport, connectivity to the rest of the EU and energy channels.

The first part of these loans was approved Monday. It will finance the upgrades needed for the Urengoy-Pomary-Uzhgorod natural gas pipeline, a major connection between Ukraine and the EU.

Hoyer said in his statement that Ukraine's success is important to both the EIB and EU.

Organizations in this story

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