EIB and Ukraine reinforce safeguards for EU bank’s investments in the country
April 26, 2024

EIB and Ukraine reinforce safeguards for EU bank’s investments in the country

The European Investment Bank (EIB) and the Economic Security Bureau of Ukraine (ESBU) will enhance collaboration in preventing, detecting and addressing potential cases of fraudulent or other irregular practices that affect EIB-financed projects. 

On 25 April, the EIB and ESBU signed a memorandum of understanding to strengthen exchanges of information, operational support for investigations and technical cooperation.

The memorandum of understanding calls for sharing information on allegations of fraudulent or other irregular practices affecting EIB operations in Ukraine, aiding investigations and taking preventive measures.

“Accountability and transparency are especially important in the context of Ukraine’s reconstruction and EU accession process, which we at the EIB Group actively support through our investments,” said EIB Vice-President Teresa Czerwińska, responsible for the bank’s operations in Ukraine. “We have a mission and purpose of protecting public funds, be it EIB loans, EU grants or national funds. We are accountable to ensure that the money reaches the intended beneficiaries and to preserve the reputation and trust of the EIB Group.”

Since Russia’s invasion of Ukraine in February 2022, the EIB has provided more than €2 billion to meet Ukraine’s most immediate needs. Over the coming years, the EU bank plans to deploy at least €2 billion more from the Ukraine Facility to invest in critical public- and private-sector projects. 

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