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Sofia approved agreements to contribute to the “EU for Ukraine” fund

by AI | 23.May 2024 | Europe in brief AI

The Bulgarian participation is expected to contribute to the restoration of Ukrainian infrastructure.

photo: Patrick Pleul/dpa

SOFIA – The Bulgarian interim government approved a draft agreement between Bulgaria and the European Investment Bank (EIB) for the contribution to the “EU for Ukraine” fund and a guarantee agreement between the EU states and EIB, signed on December 14, 2023.

The two agreements are concluded in connection with Bulgaria’s participation in the fund with a guarantee of 10 million euros.
Participation in the fund will allow Bulgaria, together with other EU countries, to indirectly support the recovery of Ukraine. It is expected to contribute to the initiation of projects for the restoration of municipal infrastructure destroyed by Russian strikes and to improve access to financing for Ukrainian entrepreneurs.

The “EU for Ukraine” fund was created by the EIB in response to the conclusions from the European Council meeting on December 15, 2022. The fund aims to enable EU countries, the European Commission, and other states and donors to support the recovery of Ukraine. The fund finances projects to improve municipal infrastructure – schools and hospitals, roads, water treatment plants, cyber security.

Support from the fund allows the EIB to increase funding for Ukraine’s most urgent infrastructure needs and help maintain its economy. The fund will serve as a temporary “bridge solution” until more long-term EU measures are introduced.

Bulgaria will continue to provide consistent and comprehensive support to Ukraine, according to its capabilities, as long as necessary, stated interim Prime MinisterDimitar Glavchev. Over 80 Bulgarian companies are ready to participate in projects for the restoration of power plants, including nuclear power plants, power transmission networks, and gas infrastructure, he added.

In March, former Defense MinisterTodor Tagarev stated that Bulgaria has provided Ukraine with over seven thousand tons of material supplies, including millions of various types and calibers of ammunition, helmets, bulletproof vests, medical kits, winter clothing, and footwear, as well as over 140 armored vehicles. In February, during his visit to Kyiv, Prime MinisterNikolay Denkov announced that Bulgaria is one of the leading countries providing military assistance to Ukraine as a share of gross domestic product. (May 22)