European Investment Bank: Ukraine - Key Partner Among Eastern European Countries

Mar 14, 2013, 09:47 ET from Worldwide News Ukraine

KYIV, Ukraine, March 14, 2013 /PRNewswire/ --

Ukraine became the first out of all Eastern Partnership countries to sign a declaration of intentions with European Investment Bank (EIB) to support educational projects, reported Ministry of Education and Science, Youth and Sport of Ukraine (MESYSU) website. In addition to education EIB has been actively supporting Ukrainian energy and energy efficiency projects as well as transportation and infrastructure development projects.

According to the EIB Vice-President Anton Rop, when finalized the EIB loan of EUR 30 million may be used as an investment into Ukrainian educational institutions. This money will help higher educational establishments to acquire scientific and research equipment, he noted.  

"Education sector - is one of the highest priorities for our bank. We have considerable experience with implementing projects in the field of research, scientific development as well as construction of infrastructure facilities, including modernization of buildings that belong to educational institutions," stressed Vice-President of the European Investment Bank Anton Rop.

EIB - is the largest international financial organization that works with both the European Union and the countries of Eastern Europe, including Ukraine - a key partner of the EIB, said Anton Rop.

In the last six years that Ukraine and the European Investment Bank have been working together, the Bank had more than quadrupled its funding into Ukrainian energy, transportation and municipal infrastructure projects. In 2009 EIB portfolio in Ukraine amounted to EUR 365 million and consisted of three projects; in 2012 the amount of resources to prepare and implement eight investment projects in the real sector of Ukrainian economy reached EUR 1.4 billion, said the First Deputy Minister of Economic Development and Trade Anatoliy Maksiuta during the meeting with Anton Rop on March 11, 2013.

Notably, on March 12, 2013 EIB provided a EUR 41 million loan to finance a comprehensive program implemented by the Ukrainian State Air Traffic Service Enterprise (UkSATSE), with an aim to modernize and upgrade Ukraine's air navigation system.

It is expected that the finalization of a new projects for the development of municipal infrastructure and signing of agreement to construct metro in Dnepropetrovsk will increase the Bank's portfolio in the public sector of Ukraine to about EUR 2 billion by the end of 2013.

SOURCE Worldwide News Ukraine