Ukraine: EIB approves €500 million in extra support for energy security and housing

On 27 August, the European Investment Bank (EIB) approved a €500 million package to bolster Ukraine’s energy security and support affordable housing. 

The EIB will back state-owned Ukrainian energy utility Naftogaz as an urgent measure to finance the replenishment of the country’s natural gas reserves ahead of winter and following extensive damage caused by Russian attacks.

“The EIB Group has achieved cruising speed in delivering for Ukraine’s most urgent needs, including in the area of energy security,” said EIB Group President Nadia Calviño. “The package approved today shows our unwavering commitment and support to the country.”

As part of its work for Ukraine’s energy transition, Naftogaz has pledged to reinvest an amount equivalent to the EIB loan in renewable energy and decarbonisation projects, with the EIB providing technical assistance to support the company’s green transition. The European Commission will back this loan through a guarantee under the EU Ukraine Investment Framework.

In addition, the EIB will support social and affordable housing across Ukraine, a sector severely affected by Russian attacks. The pilot phase will focus on the development of 1,600 housing units, supported by technical assistance and additional resources under the Ukraine Investment Framework.