Cyprus to take part in EIB fund in support of Ukraine's reconstruction

The reconstruction of Ukraine will require a large-scale coordinated and collective effort by all actors in the international community, Minister for Finance Makis Keravnos said, adding that Cyprus will take part in the effort having also been a victim of foreign invasion.

Keravnos was speaking during a signature ceremony in which 16 countries expressed their intent to participate in the European Investment Bank’s "EU for Ukraine Fund" (EU4U), which was held in Brussels on 13 July.

The fund is expected to mobilise over 400 million euro. Initial pledges to the fund from France, Ireland, Italy, Latvia, Lithuania, Luxembourg, Poland, Slovakia, Spain and the Netherlands total 377.3 million euro.

Belgium, Croatia, Cyprus, Denmark, Estonia and Greece also announced contributions to the Fund with the amounts to be finalised.

“In view of the damaging effects of Russia’s aggression in Ukraine, EU efforts to support Ukraine’s reconstruction must continue,” the Minister for Finance said.

“The reconstruction of Ukraine will require a large-scale coordinated and collective effort by all actors in the international community. In times of crisis, international solidarity is crucial,” he added.

“Today, Cyprus as a victim of the illegal Turkish invasion and continued military occupation of its territory declares its intention to participate in the EIB’s EU4U fund and reiterates its undivided support and solidarity to the Ukrainian people,” Keravnos noted.

“The Republic of Cyprus provides significant humanitarian aid to Ukrainian displaced persons who are hosted in our island,” he added

According to an EIB press release, the fund will serve as a temporary bridge solution until longer-term EU measures become available. 

The fund will facilitate deployment of both public and private sector projects, with the main focus on municipal infrastructure such as schools and hospitals, transport networks, water and wastewater treatment facilities, digital and cybersecurity capability, and improved access to finance for Ukrainian entrepreneurs.

(Source: CNA)