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European Union Preparing Billions of Investments to Support Ukraine’s Economy

Oliver Varhelyi

The European Union is mobilising about EUR 6.5 billion in investments to support Ukraine‘s economy. A corresponding statement was made by EU Commissioner for Neighborhood and Enlargement Olivér Várhelyi after a meeting with President of Ukraine Volodymyr Zelensky in Kyiv.

“In Kyiv today, with President Zelensky, I confirmed the EU’s continued commitment to Ukraine’s sovereignty and territorial integrity and socio-economic resilience. We will mobilise up to €6.5 billion in investments to support economy, recovery, growth, starting with five flagship projects,” the EU Commissioner posted on Twitter.

The European Commission is also looking for an opportunity to deepen cooperation in some areas, including digital, under the current agreement. Recommendations for further implementation of the Association Agreement are planned to be prepared before the next Ukraine-EU summit.

During the press conference, Várhelyi stressed that the situation in and around Ukraine was very high on the EU agenda.

“Ukraine is a close neighbour and a key partner for the EU. At the same time, the situation in and around Ukraine continues to be a matter of great concern and is very high on our agenda. The EU continues to strongly support Ukraine’s sovereignty and territorial integrity. We also strongly condemn the recent cyber attacks and are committed to strengthening our support to bolster Ukraine’s cyber resilience,” he said.

According to him, it is important that Ukraine continues to strengthen internal stability by promoting comprehensive reforms, including judicial and anti-corruption ones.

This week, European Commission President Ursula von der Leyen announced that the European Union had allocated a new package of macro-financial assistance to Kyiv worth EUR 1.2 billion amid the risk of an attack by Russia. The package consists of emergency loans and grants to support Ukraine in the medium and long-term.

Bohdan Marusyak

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