Our goal is to ensure that every euro of our funding delivers results on the ground in Ukraine - Head of the EIB Regional Hub

Interview with Kristina Mikulova, the Head of the Regional Hub for Eastern Europe at European Investment Bank (EIB), based in Kyiv, Ukraine 

Biography:

Kristina Mikulova, PhD serves as Head of the Regional Hub for Eastern Europe, based in Kyiv, Ukraine, at the European Investment Bank. Prior to her appointment in October 2024, she was EIB’s Representative to Lebanon based in Beirut and before that, Senior Policy Advisor in the bank’s Operations Department, focusing on additionality and impact, as well as application of environmental and social standards in EIB projects in the EU and around the world. Passionate about international development, Kristina embarked on this path at the World Bank after obtaining her PhD in social sciences at Oxford University, contributing governance expertise to a variety of projects across Europe and Central Asia. She later re-joined the World Bank as Advisor at the World Bank Board of Directors, overseeing work in Eastern Europe as well as the Mashreq region at the time of the Syrian refugee crisis. Kristina’s native language is Slovak. She speaks Ukrainian and French; she understands Polish and Russian, and she is learning Levantine Arabic.

 Text: Oksana Grishyna

 

- You have been working in Ukraine for six months now. What was the key factor behind the decision to come to our country during the war? What has impressed you the most here? What were the expectations before arriving?

- I came to Ukraine directly from Lebanon, where I had worked for the last two years as the Head of the European Investment Bank’s Representative Office. I must say, I genuinely love both Lebanon and Ukraine. Both countries are going through difficult times, but I deeply value the experience these circumstances have given me.

After the Russian full-scale invasion of Ukraine, I went to the Slovak-Ukrainian border as a volunteer. At first, I stayed there for a week, then another. We were helping people fleeing the war - offering support, advice and assistance with transportation toward the Czech Republic, Austria and Poland. This experience left a deep impression on me. Even then, I realized that I wanted to find a way to work in Ukraine and contribute to something that was very meaningful to me. When a relevant vacancy opened at the bank due to the rotation of the Head of the Office, I was still in Lebanon and applied without hesitation. I was also greatly inspired by Katarína Maternová — my fellow Slovak, who now works in Ukraine as the EU Ambassador. Her example became a source of motivation for me.

Upon my arrival in Ukraine, I was deeply impressed not only by the resilience and determination of the people but also by the effective operation of public services, even despite the ongoing conflict. The level of digitalisation is particularly remarkable. When the state supports its citizens and society trusts its government, it creates an unbreakable combination. This is precisely what I witnessed in Ukraine.

- The EIB plays a key role in implementing the EU’s Ukraine Facility and continues to support Ukraine on its path toward EU membership. What level of EIB financing can be expected this year? What was the dynamic in 2024? Which major programmes have been implemented, and what are the priorities for 2025?

- The EIB indeed is playing a key role in supporting Ukraine under the EU’s Ukraine Facility. Together with the European Commission, we have recently signed a guarantee agreement that allows the EIB to provide at least €2 billion in financing to support Ukraine’s urgent recovery and reconstruction efforts. This financing focuses on restoring essential infrastructure and services that have been severely affected by the war, including energy, heating, water supply and critical social infrastructure (like schools, hospitals and kindergartens). We are talking about projects that will be implemented already in 2025-2026.

One of the first and fastest steps after the signature of the guarantee agreement was the launch of the first wave of public sector financing, amounting to €300 million. The signing took place in early April in Brussels during a meeting between Ukrainian Prime Minister Denys Shmyhal and EIB President Nadia Calviño. 

This financing covers three initiatives, with €100 million allocated to each project - for the restoration and upgrade of heating and water supply systems, as well as the reconstruction of key municipal social infrastructure in Ukraine. This infrastructure is critically important for the people’s daily life, especially during wartime. From the very beginning of its operations in Ukraine, the EIB has focused significantly on infrastructure projects. Nearly 70% of our funding in the public sector is directed towards the development and restoration of infrastructure.

In terms of priorities, our focus for 2025 and beyond remains clear - we are committed to supporting Ukraine’s resilience and recovery, particularly in sectors that are crucial for people’s daily lives - energy, heating, electricity, water and housing. We know how essential it is to ensure that millions of Ukrainians have access to basic services such as heat and light, especially ahead of the next winter.

 - According to data from the Ministry of Finance, as of 1 January 2025, the EIB’s project portfolio in the public sector consists of 25 projects with a total value of €5.2 billion. Of this amount, €3.1 billion has been disbursed, including €1.72 billion in 2022, €0.26 billion in 2023, and €0.25 billion in 2024. What is the reason for the decrease in disbursement over the past two years? How can it be increased?

- Thank you for this question, it allows me to explain an important point. It is essential to look at the disbursement figures in a broader context rather than making year-to-year comparisons. The higher level of disbursements in 2022 reflected the extraordinary circumstances at the start of Russia’s full-scale invasion. The EIB was among the first international financial institutions to swiftly mobilise a solidarity urgent response package, providing immediate support to address Ukraine’s most urgent needs. It was a moment that required fast action, and we responded accordingly.

The comparatively lower figures in 2023-2024 should not be seen as a decrease in support but rather as a reflection of the time needed to prepare, structure and implement complex investments, especially in the difficult environment of ongoing war. Often, the work done in one year only translates into concrete results — including the signature of agreements — in the following year. 

We are a long-term partner of Ukraine, and remain committed not only in times of crisis but also during its recovery and reconstruction. Disbursement levels also depend on the institutional capacity of our partners. For example, we work closely with the Ministry for Development of Communities and Territories of Ukraine, which recently underwent a reorganisation — a process that understandably affects timelines, as internal procedures need to be adapted.

Ultimately, our goal is not just to disburse quickly, but to ensure that every euro is used effectively to deliver tangible, long-term benefits for the people of Ukraine. In 2024, we signed agreements totalling €266 million, among them are:

• €100 million tranche for the Ukraine Recovery III project, which will support the rehabilitation of critical social infrastructure, including healthcare, education, social housing and water supply. Thanks to this programme, we are opening renovated facilities every month. For example, over the past six months alone, I have taken part in the opening of EIB-supported projects in Zhytomyr, Lviv, Kyiv Oblasts and beyond.
• €50 million for Kyiv city to modernise the metro rolling stock. It will help replace the outdated coaches and reduce the dependence on Russian-manufactured rolling stock.

These are just two examples. Our overall goal is to ensure that every euro we invest delivers real impact on the ground – by restoring public services, supporting people and helping bring Ukraine closer to the European Union. Every project implemented with the EIB meets European standards and advances Ukraine’s progress on its path toward European integration.

 - A Portfolio Review of all EIB projects in Ukraine was recently conducted to assess their progress. Could you share the results of this review? Which areas or projects are the most effective, and which are facing implementation challenges?

- The portfolio review is a key element of our work, helping us effectively manage project implementation. We regularly conduct such reviews, this year it took on a new format and name -  the “Strategic Trilogue”. It brings together three partners: the European Commission, which provides guarantees and grants; the European Investment Bank, which offers financing, technical support, and guidance; and, of course, Ukraine – the partner country, implementing the projects through its ministries, agencies and state-owned enterprises.

The portfolio review involves key Ukrainian stakeholders: the Ministry of Finance, the Ministry for Development of Communities and Territories, the Ministry of Economy, the Ministry of Internal Affairs, Ukrenergo, Ukrhydroenergo, Ukrposhta, and Ukrzaliznytsia — these are all key partners we work with on project implementation. The most recent Strategic Trialogue took place at the end of March and lasted two days. The goal is to conduct a structured assessment of each project — evaluating its maturity, progress and readiness for the next disbursement phase. The results of this review help shape our next priorities and funding decisions — including under the €2 billion guarantee agreement with the European Commission that we signed in March. We now need to decide which projects will be financed through this framework. I hope the conclusion of the Strategic Trialogue will lead to high-level agreement on the outcomes and clear decisions that allow us to move forward in a confident and well-coordinated way.

In terms of priorities, as I mentioned earlier, one of the key focus areas is municipal infrastructure. The first three projects signed in Brussels reflect this: restoring social infrastructure like schools, hospitals, and kindergartens; improving water supply systems; and upgrading  district heating (a new programme to be implemented via Ukreximbank). 

Next in line is the signing of a project with Ukrhydroenergo, aimed at restoring and strengthening the operational resilience of the company’s strategic assets. This will directly improve the reliability of Ukraine’s energy system, especially in light of the ongoing threat of attacks. 

Another important area is social housing, which is also a key priority for the Ukrainian government. We have already started preparing a pilot project that will allow us to test our approach and build on the experience of EU countries. Based on this pilot, we plan to scale up our efforts and remain actively engaged in this sector.

 - Could you tell us more about social housing?

-We are currently working on a pilot project that will allow to test the approach and methodology for establishing a social housing system in Ukraine. We understand that the selection of municipalities to take part in the pilot will be carried out by the Ukrainian government based on transparent and clear criteria, and that a methodology that will be applied can later be scaled up. If a community is not included in the initial phase, it will have the opportunity to join in future rounds. For us, it is important to see how this model works under real  conditions and to refine the mechanisms together with the Ukrainian side before scaling up the project. This will be the first housing project of its kind implemented in partnership with the EIB. We are now awaiting a decision from the Cabinet of Ministers that will provide the necessary regulatory framework. At the same time, the EIB is conducting a feasibility assessment, and we hope to sign the first agreement in 2025.

- So the pilot project will be selected by our Ministry for Development and approved by the Bank? And the participation criteria will also be defined by the Ukrainian side?

- Yes, but it is very important to note that this process is already taking place in close collaboration with the EIB and European Commission experts. As I mentioned earlier, we are building on the experience of EU countries and tailoring  it to the Ukrainian context. Our experts are already working closely with the Ministry to help design the overall structure of this project. One of the key instruments here is the JASPERS advisory programme, which helps EU member states and candidate countries prepare high-quality projects. JASPERS began working in Ukraine in October 2024, with social housing identified as one of the first priority areas, alongside energy and transport. JASPERS experts are already based in our Kyiv office and working closely with Ukrainian partners on the ground.

-  How is the use of funding monitored, particularly with regard to anti-corruption measures?

- We take a comprehensive approach to monitoring the effectiveness of our financial support, focusing on three main areas. The first is supporting the capacity of Ukrainian partners to carry out monitoring. This is a requirement embedded in our contracts. We assist our partners — ministries like the Ministry for Development of Communities and Territories, the Ministry of Internal Affairs, or state-owned companies such as Ukrhydroenergo and Ukrenergo — in building their capacity to effectively monitor project implementation. This is our primary and most important task: not just to finance, but to help establish sustainable monitoring mechanisms on the Ukrainian side.

The second area is our partnership with international organizations, particularly the UN Development Programme (UNDP), which often serves as our partner in providing technical oversight. For example, our collaboration with UNDP has proven effective within the EIB’s recovery programmes. Our experience has shown that, both before and during the full-scale war, it is crucial to have a partner who is deeply involved and consistently present in communities. UNDP regularly conducts field visits, actively engages with local communities, provides technical assistance, tracks progress, and, when necessary, addresses complaints. This approach helps build trust and ensures real, on-the-ground oversight. I personally participated in field visits with UNDP teams to Mykolaiv, Poltava and Zhytomyr Oblasts, and I was genuinely impressed by the level of trust they were able to establish in their communication with local communities.

The third area is our collaboration with anti-corruption agencies and civil society. We systematically work with Ukrainian law enforcement agencies responsible for fighting corruption. The EIB has a dedicated investigations unit - the General Inspectorate - which collaborates with NABU, the Bureau of Economic Security, the Prosecutor General's Office, and the State Bureau of Investigation. We exchange information, conduct joint investigations, and work together to enhance transparency. We also closely cooperate with civil society organizations, such as the Anti-Corruption Action Center, Transparency International Ukraine, YouControl, the “CHESNO” Movement, the “Mezha” Anti-Corruption Center, and the Open Data Association. These organizations play a crucial role in external oversight in Ukraine, and we maintain an ongoing dialogue with them. For example, in January of this year, we organized a seminar at our headquarters in Luxembourg, where we shared our approach and listened to their feedback and perspectives. We are also currently working on developing a new technical assistance programme worth nearly €4 million, which will focus specifically on anti-corruption efforts.

 - How exactly will this programme work in practice?

-We are currently at the design stage of this programme, but it is already clear that its main goal is to strengthen the capacity of the civil service at both the central and regional levels. The programme will focus on familiarising civil servants with the EIB’s anti-corruption standards, which are aligned with those of the European Union, as we are an EU institution. It will include training activities, particularly in a “training for trainers” format, so that those who complete the training can later train their colleagues and support project implementation. The training will primarily target officials working directly with EIB-financed projects, ensuring full compliance with our policies and standards. We are also considering involving civil society representatives who have strong expertise in anti-corruption efforts.

We hope to launch the programme in 2025.

 - Continuing the topic of transparency.  This year, the third phase of the Ukraine Recovery Programme (URP III) was launched, with projects to be selected using the DREAM system. Did you have any comments or concerns regarding the selection and implementation of projects during the first and second phases of the programme? Did you agree with all of the projects? What are the donors’ priorities for project selection?

- The Ukraine Recovery III programme, launched this year, has allowed us to continue our work in this area. In fact, the EIB’s recovery programmes started back in 2014 in response to the initial Russian attacks. Since then, we have implemented hundreds of projects together with the Ministry for Development, the Ministry of Finance, the European Union, the regional and local authorities and the UNDP.  This experience has enabled us to create a well-functioning mechanism, which successfully channels our funds where they are needed the most - to communities affected by the war.

The new project selection approach introduced in 2025 requires that investment proposals be submitted by central government bodies and regional military administrations through the DREAM digital platform. These projects are then assessed by the Ministry of Finance, the Ministry of Economy, and the Ministry for Development, each within their respective areas of responsibility. As a result, a list of infrastructure projects is formed and made publicly available on the DREAM website. We fully support digital tools like the DREAM system. It enables the government, local communities, donors, and financial institutions to jointly track progress, monitor developments, and ensure accountability. We firmly believe this significantly improves both the quality and the speed of project preparation and implementation.

During the first and second phases of the Recovery Programmes, we worked closely with local partners to ensure that the projects addressed the real needs of people. Now, in the third phase, our priorities remain unchanged: to select projects that bring meaningful change to people’s lives and address the most urgent needs — particularly in the areas of housing, healthcare, heating, water supply, and sanitation. The goal is to help communities rebuild in a modern, efficient and sustainable way. In short, we fully support digital tools, and DREAM is a logical extension of the lessons learned from the first two phases of the recovery programmes.

- You mentioned support for the most affected communities and the balance with associated risks. How do you assess the risks of providing assistance to these communities specifically?

- The goal of these recovery programmes is to show that reconstruction doesn’t begin “after victory” — it is already underway, right now. This matters not only for the physical infrastructure, but also for the hope it gives to communities — the reassurance that life goes on.

Of course, we understand the risks. We know that we may help restore a hospital, for example, and that it could later be damaged again in a new attack. And we have faced such situations. For instance, at the Mechnikov Hospital in Dnipro, repair works had begun, but a new strike followed — debris fell just 50 metres from the building, and part of the work had to be redone. In such cases, we rely on the EU guarantee. It protects our investments and loans and enables us to continue working even under such challenging conditions. When situations like the one in Dnipro occur, that’s precisely when the guarantee comes into effect. We repeat the work and move forward — at the resilient pace of Ukraine.

 - The EIB pays significant attention to cooperation with local communities and society to ensure maximum effectiveness of the assistance. Could you highlight the most active communities?

– Honestly, it’s difficult to compare communities, as each operates under very different conditions. For example, among those with the highest number of projects under our recovery programmes are communities in Dnipro, Kyiv and Odesa Oblasts. But the situations across these Oblasts vary significantly. Some are closer to the frontline, others further away. They differ in terms of financial capacity, the number of internally displaced people, and the scale of destruction they’ve experienced.

Saying that one community “monitors” projects better than another would be unfair. Given the conditions Ukraine is living under — with air raid alerts nearly every night — communities are forced to operate in constant crisis management mode. In this context, our role as a long-term investor is to help communities maintain a sense of vision for the future. It’s a delicate and fragile balance, but we aim to be a source of support throughout this process.

I am genuinely impressed by the level of readiness, resilience, and dedication shown by the communities we work with. I’ve already visited several Oblasts, including Poltava, Mykolaiv, and Zhytomyr. I haven’t yet been to Sumy or Zaporizhzhia — but I very much hope to see the implementation of our projects in every corner of the country: east, south, west, and north.

Of course, communities that have already worked with us are quicker and more effective in engaging with new projects. They’re already familiar with our standards and understand our procedures — including procurement, which, I admit, can be complex. But we always give every community the opportunity to learn and go through this process with us. Yes, the first project might take more time, but the second one moves much faster — and for us, that’s a sign of success.

Our projects make a difference in people’s everyday lives — whether it’s schools, hospitals, or water supply.

 - I would like to ask separately about small and medium-sized businesses (SMEs). This is a strategically important area, as SMEs are a key driver of growth for any community and the economy as a whole. Do you plan to expand support for this sector as part of your activities?

– Yes, we are already expanding our support. In February, during EIB President Nadia Calviño’s visit to Ukraine, we announced a new financing package. It includes a €100 million loan and guarantees aimed at mobilising around €400 million in SME lending through key Ukrainian banks — including Ukreximbank, ProCredit Bank, and Ukrgasbank — with whom the EIB signed agreements in Kyiv at that time.

Overall, since the beginning of our operations in Ukraine in 2007, support for SMEs has always been at the core of our efforts. So far, the EIB has provided up to €1.5 billion in financial support to Ukrainian SMEs. This has enabled around 1,500 SMEs to access much-needed financing, helping sustain approximately 260,000 jobs across the country.

We work with the private sector in two main ways. The first is through indirect financing: we provide loans and guarantees to Ukrainian banks, which then lend to small and medium-sized businesses on the ground.

The second is direct financing for larger private companies — in sectors such as agriculture and innovation. Even before the full-scale invasion, we supported companies such as Agrofusion, Nibulon, Kernel, and the UNIT.City innovation park.

The agricultural sector is particularly illustrative. Our support here combines investments in the private sector with assistance to the government. We contributed to efforts that kept exports moving through the Solidarity Lanes initiative — transport corridors that have been critical in maintaining Ukraine’s agricultural exports, even during the most difficult times.

- Let’s return to the topic of housing. You mentioned that a pilot project is being prepared. Are there any programmes specifically for internally displaced persons (IDPs), or are they included within broader municipal housing initiatives?

— Since the first wave of war in 2014, the EIB has supported Ukraine’s recovery efforts, including financing social housing projects. Under our recovery programmes, we have implemented around 23 sub-projects to provide housing across various regions, including Donetsk, Luhansk, Zaporizhzhia, Poltava and Cherkasy Oblasts.

Unfortunately, some of these facilities have since been destroyed or are now located in temporarily occupied territories. At the same time, several continue to operate, and new ones are expected to open soon — including in Zaporizhzhia Oblast.

Following the full-scale invasion, the housing need has become even more acute. As I understand it, this is currently one of the top priorities for the government, particularly for the Minister for Development of Communities and Territories of Ukraine Oleksii Kuleba. According to the Rapid Damage and Needs Assessment (RDNA), the housing sector has suffered the greatest losses — with over €80 billion needed for recovery. This staggering figure reflects the scale of the challenge and the urgency for action.

Ensuring access to safe, affordable housing — including for IDPs — is not only a social necessity, but also a matter of dignity and a foundation for sustainable recovery. That is why the EIB is working closely with the Ukrainian authorities, especially the Ministry for Development, to find systemic solutions.

We are supporting the government in developing new housing legislation to replace the outdated Soviet-era Housing Code. This new law is expected to introduce clear, modern rules for the development of social and municipal housing — a crucial prerequisite for launching large-scale programmes. Notably, the adoption of this law is one of the commitments under the Ukraine Plan within the Ukraine Facility.

In parallel, we are already working on concrete projects. One of them is a €230 million programme aimed at restoring residential buildings damaged by the war. Energy efficiency measures are an essential part of this programme. The programme has already been approved by the EIB, and we are now working with the Ukrainian side to prepare it for signing.

We are also developing a new initiative to create and finance public rental housing. The aim is to build up a stock of social housing, while also working with the ministry to establish the necessary legal and institutional framework.

This initiative will begin with a pilot project, which can then be scaled up. We want to test how this model works in practice and make adjustments based on the initial results.

The public rental housing model has proven effective in EU countries. It helps ensure affordable housing for broad segments of the population, especially vulnerable groups such as IDPs, veterans, women, students, and young families. This is not just about infrastructure — it’s about stability, human dignity and returning to normal life.

 - Almost a year ago, under the InvestEU programme, a pan-European export credit guarantee facility was launched for small and medium-sized companies in the EU exporting goods or services to Ukraine. What are the initial results of this facility?

- This facility was launched in the summer of 2024 with a total budget of €300 million. It is managed by the European Investment Fund (EIF), the part of the EIB Group dedicated to supporting Europe’s micro, small and medium-sized enterprises (SMEs).

The goal of this initiative is to reduce financial risks for EU small and medium-sized enterprises (SMEs), as well as mid-cap companies, that seek to export goods and services to Ukraine amid the exceptionally high risks caused by the war. Under this mechanism, the European Investment Fund (EIF) provides guarantees to European export credit agencies (ECAs), enabling them to insure or guarantee export operations by EU-based companies supplying goods and services to Ukraine. This, in turn, facilitates the export of essential goods, technologies, equipment, and services to Ukraine — all of which are critical for strengthening the country’s resilience, supporting its economic recovery, and contributing to its long-term reconstruction. The initiative also helps to reinforce trade and economic ties between the EU and Ukraine, supporting Ukraine’s economy today while contributing to its future integration into the European Union.

The call for expressions of interest for European Export Credit Agencies remains open until the end of April 2025. So far, we have seen strong interest — 13 applications have already been submitted, amounting to approximately €475 million, which exceeds the initial €300 million budget. These applications come from agencies in several EU Member States, ensuring broad geographical coverage.

We expect the first guarantee agreements to be signed later this year. This high level of demand not only highlights the relevance of the instrument, but also demonstrates a clear willingness by European companies to continue exporting to Ukraine despite the risks — preserving and expanding trade ties, and supporting the Ukrainian economy and recovery efforts during wartime.

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- In early April, a meeting of the Steering Committee of the Ukraine Donor Platform was held in Kyiv. Based on the outcomes of this meeting, what proposals are currently being considered for a coordination mechanism for external assistance to Ukraine in the event of the war’s end and during the reconstruction period?

- First of all, it is important to note that this was already the 13th meeting of the Ukraine Donor Platform’s Steering Committee, — and this once again highlights how crucial  it is to coordinate the efforts of partners in supporting Ukraine.

From the very beginning of Russia’s full-scale invasion, Ukraine and its partners, including the EIB, have not waited for the war to end to start reconstruction efforts. Recovery and support are ongoing, and a structured coordination mechanism of Ukraine Donor Platform is already in place to ensure that external assistance is aligned with Ukraine’s priorities.

This is your country, your recovery and your vision for the future — and the EIB wants to be a reliable partner in this process. The EIB has been an active participant of the Ukraine Donor Platform since its establishment in December 2022. At this 13th meeting in Kyiv, we were represented by Andrew McDowell, Director General of EIB Global, the EIB’s division responsible for activities outside the EU.

The EIB plays an important role in these discussions, contributing to key areas such as the reform of Ukraine’s public investment management system. We support Ukraine’s development of a Single Project Pipeline and are actively working to ensure that the projects align with both urgent needs and long-term strategic goals.

During the meeting, special attention was given to the energy sector, particularly in light of the large-scale attacks that damaged critical infrastructure over the winter. At the same time, we also discussed long-term investments in areas such as transport, housing, logistics, border infrastructure, and energy integration with the EU. It is about finding the right balance between urgent crisis response and a forward-looking recovery strategy.

The key conclusion is that the effectiveness of all international support directly depends on transparent, systematic and ongoing cooperation between the Ukrainian government, donors and international financial institutions.

- What does this coordination look like in practice? Is it limited to occasional Steering Committee meetings?

-  It’s not just about high-level meetings. Yes, the committee meetings are important — they set the strategic direction. But there is also daily coordination at the technical level through sectoral working groups — currently there are 16 or 17 of them. These groups bring together representatives from the Ukrainian government, donors, development banks, and international organisations on an ongoing basis. 

Take transport, for example — it’s one of our key sectors.  We are financing projects under the Solidarity Lanes initiative, supporting Ukrzaliznytsia, municipal transport, and road infrastructure. The World Bank, the Government of Japan, and other partners are also active in this area. Thanks to coordination, we avoid duplication: instead of doing the same thing, we complement each other’s efforts and look for opportunities for parallel or co-financing.

It’s this structure — daily, dynamic interaction — that enables donors and partners to work effectively. And it’s not only about governments or banks. Civil society is increasingly getting involved in these working groups as well. For me, the technical level of coordination is the most valuable aspect of the Platform’s work. That’s where practical solutions are born.

  - The EU is discussing the possibility of using EIB resources to support the defence industry. What is the bank’s current position on this? Could the EIB potentially start supporting Ukraine’s defence industry in the future?

- In Ukraine, passive elements of defense infrastructure, such as protective structures and shelters, can now be financed by the EIB. For example, we are supporting Ukrenergo in the construction of anti-drone protection at key substations in the electricity transmission network. At the same time, thanks to our recovery programmes, shelters are being built in schools and kindergartens.

EIB financing for the European security and defence industry has been supporting investments – for instance in drones and satellites – that contribute to Ukraine's defence against Russia's invasion. For instance, Germany’s Quantum Systems, whose drone development was financed by the EIB, are actively being used by Ukraine’s armed forces. 

For targeted military projects and investments, EIB Group financing is available only to companies and institutions registered in the European Union. Weapons and ammunition are not eligible for financing from the EIB Group.

- What are the main challenges you see for Ukraine in the context of investments and financing for recovery?

- One of the key challenges is ensuring sufficient capacity on the ground to implement projects efficiently and at scale. Ukraine’s recovery needs are enormous, and translating financial support into concrete results requires robust project preparation, implementation capacity at both national and local level, as well as close coordination between all partners. This is why the EIB places a strong focus not only on financing, but also on technical assistance and advisory, capacity-building and ensuring that projects can be delivered effectively and transparently. 

To support this, we have extended our JASPERS advisory programme, jointly financed by the European Commission and the EIB’s EU for Ukraine advisory programme. JASPERS is a team of experts that supports Ukrainian partners in accelerating the preparation of strategic projects. This is strategic, long-term work based on close dialogue with ministries, state-owned enterprises, and donors. We deploy experts in response to the specific requests of the Ukrainian side.

Initially, the focus was on transportation, energy, and housing, but the programme’s scope is gradually expanding. For instance, the first JASPERS team began working in Ukraine in October 2024. A notable example is the collaboration with Ukrzaliznytsia to prepare an application for funding from the Connecting Europe Facility (CEF). One of the projects involves adapting the railway track gauge to European standards, while another focuses on transforming Lviv into a transportation hub.

- So JASPERS helps tailor projects to your requirements?

- Exactly. Meeting our standards requires effort. It is not always easy, but it is worth it. When a project goes through all the stages and is implemented, it is a real achievement. And each such project brings Ukraine closer to EU standards.

- For several years, there has been discussion about harmonizing project submission standards between donors. Has anything moved forward?

- Yes, there has been progress, both on the side of Ukraine and among donors and international financial institutions (IFIs). Ukraine has already made a big step forward with the launch of the public investment prioritization system and the creation of the Single Project Pipeline. That’s already a major achievement.

Now, the government – the Ministry for Development, the Ministry of Finance, and the Ministry of Economy – sets priorities, and we assist in preparing projects so that they align with our standards and are eligible for funding. We are implementing this approach, particularly through the new Ukraine First initiative, which we are launching together with the EBRD. This initiative will support projects from the public portfolio in undergoing technical and financial preparation. The World Bank is also developing a similar tool, which will significantly enhance the quality of project preparation.

- Are there also concrete steps toward unifying standards among IFIs such as the EIB, EBRD, and the World Bank?

- It is a long-term process. I worked on this during my previous position at the EIB as well. There are many working groups focused on areas such as harmonizing ESG standards (environmental, social, and governance criteria used in project assessments) and procurement procedures. We coordinate with other institutions, and this topic is also supported at the G20 level, particularly within the working group on international financial architecture, where we are also involved.

Of course, each financial institution has its own mandate, we are different - the EIB is not the same as the EBRD or the World Bank. But there are examples where harmonization is quite real. For example, in Kyiv, together with the EBRD, we are implementing a joint project in the field of urban transport and use the mutual reliance mechanism, which means that we trust each other and do not duplicate procedures. This is a real example of progress.