Ukraine: European Investment Bank to provide €320 million for COVID-19 vaccines and improvements at Boryspil International Airport

On 12 February, the European Investment Bank (EIB) and the Government of Ukraine agreed a new €320 million financial package to help accelerate Ukraine’s recovery from the COVID-19 pandemic and rebuild airport infrastructure.

The EU bank is providing €50 million to Ukraine for COVID-19 vaccines and supply chain equipment, while a further €270 million will be used to finance improvements at Boryspil International Airport, the largest airport in Ukraine and the main international gateway.

The €270 million loan to the state-owned Boryspil International Airport will improve energy efficiency, aviation safety and security, as well as the operational resilience of Ukraine’s largest international airport, which accounts for some 60% of all passenger air traffic in the country. 

The operation will enable the rehabilitation of the western airfield system. The reconstructed western runway will replace the current obsolete one and will improve the airport’s operational flexibility. The loan will also enable the airport to improve airside ground circulation and upgrade safety with state-of-the-art airfield lighting and instrument landing systems.

“The investment into Boryspil International Airport’s western airfield system is an important contribution not only to Ukraine’s economic recovery after the current period of travel restrictions, but also to fostering climate security, as it will focus on existing airport capacity, its safety, security and sustainability, not on expansion,” said Ambassador Matti Maasikas, Head of the EU Delegation to Ukraine.

Another €50 million under the Ukraine Municipal Infrastructure Programme has been repurposed to help Ukraine to combat the coronavirus. The funds will go towards purchasing COVID-19 vaccines and the related cold supply chain equipment that is key for the successful distribution of vaccines across the country. The operation is part of the overall COVID-19 response support provided by Team Europe.

In response to the COVID-19 crisis, the EIB, as part of Team Europe, rapidly redirected its efforts towards fighting the pandemic and its economic consequences and supporting the faster economic and social recovery of Ukraine. In 2020, the EIB invested over €1 billion in Ukraine, marking the second-highest investment volume in the history of the Bank’s activities in the country.

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