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2024-11-10 00:00:00
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In a significant move to bolster Ukraine's post-war recovery, Poland has contributed €25 million to the European Investment Bank's (EIB) EU for Ukraine Fund. This contribution increases the fund's total to €398.35 million, underscoring Poland's commitment to supporting Ukraine's reconstruction efforts.
Established by the EIB in 2023, the EU for Ukraine Fund aims to rebuild critical infrastructure, restore essential services, and stimulate economic growth in Ukraine. It is a key component of the EU for Ukraine (EU4U) initiative, which supports both public and private reconstruction projects and enhances access to finance for Ukrainian entrepreneurs. To date, the fund has received contributions from 14 EU countries, including Belgium, Croatia, Cyprus, Denmark, Estonia, Finland, France, Italy, Latvia, Lithuania, Luxembourg, the Netherlands, and Spain.
EIB Vice-President Teresa Czerwińska, responsible for operations in Ukraine, stated, "Poland joining the EIB-led EU for Ukraine Fund marks an important step in supporting Ukraine’s economic resilience. Thanks to the Polish contribution, the fund is now worth nearly 400 million euros. This money will help drive public sector investment to rebuild critical infrastructure, as well as propping up Ukrainian entrepreneurs and businesses to keep the economy going."
Polish Undersecretary of State at the Ministry of Foreign Affairs, Jakub Wiśniewski, added, "Supporting Ukraine has been a long-standing priority for Poland, including through development cooperation. Since the Russian aggression on Ukraine in 2022, our efforts have intensified to address humanitarian needs and help Ukraine in recovery and post-war reconstruction. Poland is proud to be one of the initiators of the establishment of the EU for Ukraine Fund in 2023 and now to fulfil our political commitment with a financial contribution of €25 million. We hope that these funds will also help Ukraine to modernize on its EU accession path."
The EU for Ukraine Fund provides guarantees that enable the EIB to support reconstruction projects in Ukraine that might otherwise be too risky to finance. It also supports project promoters and beneficiaries by lowering borrowing costs through investment grants. The fund has already supported several projects, including a €25 million initiative to strengthen small and medium-sized enterprises (SMEs) in Ukraine and Moldova, and a €50 million investment for a new metro fleet in Kyiv. Upcoming projects include renovation of damaged housing, repairs to critical export routes, and the establishment of an emergency response line for life-threatening situations.
Poland's contribution reflects a broader European commitment to Ukraine's reconstruction and integration into the European Union, highlighting the importance of collaborative efforts in addressing the challenges faced by Ukraine in the aftermath of conflict.
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