Ukraine Investment Framework endorses new recovery programmes, with Norway joining as new partner

Chaired by the European Commission, the fifth Steering Board of the Ukraine Investment Framework (UIF) took place on 23 October in Brussels. 

The meeting brought together EU Member States, observers from the European Parliament, the Ukrainian government and parliament, and key European and international financial institutions. Norway attended the meeting for the first time as a new observer and contributor.

The Steering Board endorsed a new package of programmes helping Ukraine to tackle the most urgent challenges across key areas of its economy.

These programmes bring support to key sectors of Ukraine’s economy, including infrastructure, energy, water and wastewater management, housing, transport and logistics, information technology, healthcare, education and agriculture. 

The newly endorsed programmes include the following:

• The European Investment Bank (EIB) will facilitate access to affordable housing; help modernise and restore war-damaged and outdated water and wastewater systems; and unlock private capital from EU and Ukrainian corporates into large-scale capital-intensive projects in priority areas such as renewable energy, infrastructure, and critical value chains.
• The International Bank for Reconstruction and Development (IBRD) will strengthen agricultural production and resilience by ensuring continuous food crop planting and harvesting; improve logistics infrastructure and connectivity to secure supply chains; and enhance healthcare through better primary care, rehabilitation services, and hospital modernisation.
• Dutch financing company Cardano Development will strengthen Ukraine’s agri-food sector by providing targeted assistance to small farmers and mid-size agribusinesses, and open new business opportunities.

Through an investment grant of €127 million (NOK 1.5 billion), Norway and the EU will support Naftogaz, Ukraine’s state-owned energy company, in securing essential gas imports for millions of households, hospitals, schools and public institutions across the country. 

The grant will be channelled through the European Investment Bank (EIB), which earlier this autumn signed a €300 million loan with Naftogaz. The EIB loan is guaranteed by the EU. This financing package will provide working capital for Naftogaz to purchase and store additional natural gas for the coming winter. Subsequently, Naftogaz plans to reinvest part of this support in decarbonisation and energy efficiency projects.

The Ukraine Investment Framework is part of the EU’s €50 billion Ukraine Facility designed to attract public and private investments for the recovery and reconstruction of Ukraine. It is endowed with financial instruments totalling €9.3 billion, with €7.8 billion in loan guarantees and €1.5 billion in blended finance. The aim of the Ukraine Investment Framework is to mobilise €40 billion of investments for recovery, reconstruction, and modernisation.

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Press release