European Investment Bank welcomes new contribution from Ireland to reconstruction fund – accelerating support to Ukraine

This article is published in association with European Investment Bank.

• Ireland’s contribution grows European Investment Bank “EU for Ukraine” Fund to well over €400 million.
• EU Member States’ backing for the Fund complements €2.2 billion in EIB emergency and recovery support already provided to Ukraine since the start of Russia’s full-scale invasion.
• Under the European Union’s Ukraine Facility, the EIB is rolling out an additional €2 billion in new recovery investments starting with the first projects for water, heating, and municipal infrastructure.

The European Investment Bank (EIB), the financing arm of the European Union, is announcing today a €7 million contribution from Ireland to the EU for Ukraine Fund – a complementary instrument established by the EIB to support Ukraine’s recovery and rebuilding efforts.

This new contribution brings the total size of the Fund to more than €410 million, a strong sign of European unity and solidarity, and commitment to stand by Ukraine as trusted partners in its reconstruction and path towards EU membership.  

The announcement is being made by EIB President Nadia Calviño and Ireland’s Minister for Finance Paschal Donohoe, in the presence of Ukraine’s Minister of Finance Sergii Marchenko, during their meeting on the margins of the 2025 World Bank Group-IMF Spring Meetings in Washington.

EIB Group President Nadia Calviño said: “I welcome this contribution by Ireland to accelerate and support projects that will help Ukraine’s recovery and support Ukrainians and businesses to carry on with their daily lives. This is Europe at its best – demonstrating unity, strong partnership and determination. Together we are mobilizing resources to help Ukraine rebuild for our shared security and a stable future.”

“With the EU for Ukraine Fund, we are turning European solidarity into concrete support that helps Ukraine recover and rebuild faster,” added EIB Vice-President Teresa Czerwińska, who oversees the Bank’s operations in Ukraine.

Minister for Finance of Ireland Paschal Donohoe said “I am delighted to sign this EU for Ukraine trust fund contribution agreement today with the President Calviño and Minister Marchenko. Ireland has been unequivocal and steadfast in our support for the people of Ukraine following Russia’s unjustified aggression. We are all very aware that rebuilding Ukraine and enabling its recovery will require huge ongoing investment combining technical sector expertise and financial support. The European Investment Bank is one of the key partners for rebuilding Ukraine and this EU for Ukraine trust fund allows basic services to be restored, energy and transport networks to be rebuilt and continues to ensure that Ukrainian companies can withstand the conflict. As such, Ireland is happy to contribute directly to EIB Global’s support for Ukraine’s most urgent public and private sector projects. I am also very pleased to know that the Fund will continue to assist Ukraine’s preparations for membership of the EU.”

European Commissioner for Economy and Productivity, Implementation and Simplification Valdis Dombrovskis said: “I warmly welcome Ireland’s contribution to the EU for Ukraine fund, a crucial component of the EIB’s comprehensive support for rebuilding and reconstructing Ukraine. This is a tangible demonstration of the EU’s Member States solidarity in action. Every contribution brings us closer to implementing the urgent recovery and reconstruction efforts needed on the ground. We will continue to stand with Ukraine and its people.”

Working together to deliver recovery for Ukraine

With Ireland’s support, the EU for Ukraine Fund has received contributions from 16 EU Member States, including Belgium, Croatia, Cyprus, Denmark, Estonia, Finland, France, Italy, Latvia, Lithuania, Luxembourg, the Netherlands, Poland, Slovakia and Spain.

The support provided under the Fund enable the EIB to finance critical reconstruction projects in Ukraine that might not otherwise secure funding in the current challenging environment. The Fund also helps project promoters by lowering borrowing costs, making vital recovery projects more affordable.

The Fund has already supported a range of recovery projects across Ukraine, including financing for small businesses to sustain jobs and economic activity, strengthening emergency response services with the rollout of the EU 112 emergency line and supporting the modernisation of urban transport, such as renewing Kyiv’s metro fleet to replace outdated Soviet-era trains and reduce reliance on Russian-made equipment.

Background information  

The EIB in Ukraine 

Present in Ukraine since 2007, the EIB Group has been a steadfast partner in supporting the country’s path towards EU integration – a commitment that has become even more crucial since Russia’s full-scale invasion. Since 2022, the EIB Group has provided €2.2 billion in emergency and recovery support, helping Ukraine strengthen its resilience, sustain its economy and deliver essential public services. The Bank continues to prioritise investments in Ukraine’s energy security, the restoration of damaged infrastructure, and the maintenance of vital services across the country. Through the EU for Ukraine (EU4U) Fund, the broader EU4U Initiative, and as a key partner in the European Union’s €50 billion Ukraine Facility, the EIB remains committed to scaling up its support, working closely with the European Commission, the European Parliament, EU Member States and international partners.