European Development Bank Grants Ukraine €100 Million Credit for Compensation for Destroyed Property
Ukraine will receive a €100 million loan from the Council of Europe Development Bank as part of the HOME. Compensation for Destroyed Property" project, the Ukrainian government website reports.
On 25-26 March, Deputy Minister of Finance of Ukraine Olha Zykova took part in a meeting of the Administrative Board of the Council of Europe Development Bank (CEB) as the official representative of Ukraine. The event was held in Paris, France.
Following the discussion, the project was supported and approved by the Administrative Board of the Council of Europe Development Bank.
"The housing sector remains one of the most affected by the war, with total losses estimated at almost USD 50 billion. The effective implementation of the HOME project will help the Government provide the necessary assistance to citizens whose homes were destroyed or damaged as a result of hostilities. The project provides compensation for more than 2,000 housing certificates, which will allow about 5,700 Ukrainians to receive compensation for destroyed housing. The new project for Ukraine will allow citizens who have received compensation for their destroyed homes to return to their normal lives as soon as possible," Zykova said.
The HOME project will be implemented within the framework of the current legislation, in particular, the Law of Ukraine "On Compensation for Damage and Destruction of Certain Categories of Real Estate as a Result of Hostilities, Terrorist Acts, and Sabotage Caused by the Armed Aggression of the Russian Federation against Ukraine."
"This is the second project for Ukraine that the Bank has submitted for approval by the Administrative Board in less than a year after Ukraine joined the BRRD, which demonstrates its trust in Ukraine as a partner. Ukraine continues to actively work on joint projects with the Bank and seeks to further deepen bilateral cooperation. I am convinced that strong teamwork will help us achieve our common long-term political and economic goals," Zykova said.
As a reminder, in June 2023, Ukraine completed the accession process and became the 43rd member state of the Council of Europe Development Bank.