Italy announced today that it will commit €100 million to the trust fund of the EU for Ukraine Initiative, launched by the European Investment Bank (EIB) in March 2023 to support the reconstruction and recovery in Ukraine. Italy's Economy and Finance Minister Giancarlo Giorgetti announced the contribution at the bilateral conference on the reconstruction of Ukraine organised by the Italian Ministry of Foreign Affairs in Rome on 26 April 2023. The conference gathered about 600 Italian companies and 150 Ukrainian ones, as well as policymakers, international organisations, financial institutions, and high-ranking representatives of the Ukrainian Government. Vice-President Gelsomina Vigliotti represented the EIB and outlined the Bank’s support for Ukraine.

Funding from the Italian Government and further contributions from other EU Member States, the European Commission, and other donors will enable the EIB to scale up support for war-torn Ukraine, including financing to repair damaged energy and transport networks, back municipal investment to provide services for displaced people, and improve access to finance for Ukrainian entrepreneurs.

Addressing the Bilateral conference on the reconstruction of Ukraine in Rome, Minister Giorgetti said: “The EIB is playing a key role in rebuilding Ukraine and restoring its critical infrastructure. It is a moral duty to support the Ukrainian people. I take the opportunity of the Italy-Ukraine conference to announce Italy’s contribution of 100 million to the EIB’s EU for Ukraine Fund.

Ukraine urgently needs to repair critical infrastructure and to ensure companies have  access to finance. Investment now will help the country defend itself against Russian aggression and make it easier for the economy to recover after the war. The European Investment Bank, the EU Bank, will play a decisive role in supporting Ukraine’s reconstruction. I am deeply grateful for Italy’s €100m support to the EIB 'EU for Ukraine' initiative. This contribution, together with future pledges of support will help support Ukraine’s resilience and help pave the way for the country’s EU Membership,” said EIB President Werner Hoyer.  

EU for Ukraine Initiative 

The most recent Rapid Damage and Needs Assessment carried out by the Ukrainian government in coordination with the European Union, the United Nations and the World Bank estimated that 14 billion dollars are needed in 2023 for critical investments focused on the most urgent needs before the war is over or until a comprehensive solution for the reconstruction of Ukraine is in place.

The EIB is working with the Ukrainian authorities to build a solid project pipeline currently estimated at €2 billion, supporting public services and the recovery of the real economy. 

To make these essential projects a reality as soon as possible, EU Member States have recently approved a new EU for Ukraine Initiative, including establishing a trust fund that will enable the EIB to finance this pipeline.

The trust fund will provide partial guarantees for EIB loans, concessional lending, and impact finance. It will enable the EIB to continue to finance urgent and critical projects under the EU banner until a more permanent funding solution is available.

The EIB is now working with the European Commission and prospective donors to make the trust fund operational. EIB shareholders also approved €100 million of EIB technical assistance to speed up project implementation and increase impact.