Latvia allocates EUR 7 million to Ukraine's infrastructure renewal

Latvia will provide €7 million co-financing into the European Investment Bank (EIB) Trust Fund “European Union for Ukraine” or “EU4U”, which aims to support Ukraine in restoring its critical infrastructure, the government decided on Thursday, July 13.

Minister of Finance Arvils Ašeradens (New Unity) noted that Latvia's total aid to Ukraine exceeds 1.3% of the country's gross domestic product.

The EIB Trust Fund will provide support to Ukraine for restoring its critical infrastructure until long-term support measures from the European Union (EU) are available.

According to the Ministry of Finance (FM), as Russian aggression continues, it is necessary to maintain Ukraine's main transport connections, provide temporary housing for internally displaced residents, restore public buildings, schools and hospitals, and help shift the private sector to EU markets.

The Trust Fund will provide loans to Ukraine through donor grant co-financing and provision of budgetary guarantees, promoting Ukraine's economic and social resilience, ensuring sustainable infrastructure needs and supporting Ukraine's accession to the EU process.

EU Member States will report on the planned support provided through the Fund to Ukraine on July 13 in Brussels.

The co-financing of €7 million by Latvia is planned from the general government budget expenditure for 2023.

It has already been reported that in early June the government decided to allocate €3.1 million to the reconstruction of Ukraine, particularly Chernihiv Oblast.

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