EU Member States endorse new recovery programmes under the Ukraine Investment Framework, with Norway joining as a new partner to reinforce energy resilience

Chaired by the European Commission, the fifth Steering Board of the Ukraine Investment Framework (UIF) took place yesterday, bringing together EU Member States, observers from the European Parliament, Government and Verkhovna Rada of Ukraine, and key European and international financial institutions. Norway attended the meeting for the first time as a new observer and contributor, marking a significant step in joint efforts to strengthen Ukraine's resilience at a critical time.

New investment programmes for recovery & reconstruction:

The Steering Board endorsed a new package of programmes helping Ukraine tackle the most urgent challenges across key areas of its economy.

These programmes bring support to key sectors of Ukraine's economy, including infrastructure, energy, water and wastewater management, housing, transport and logistics, information technology, healthcare, education and agriculture. The newly endorsed programmes include the following:

• The European Investment Bank (EIB) will facilitate access to affordable housing; help modernise and restore war-damaged and outdated water and wastewater systems; and unlock private capital from EU and Ukrainian corporates into large-scale capital-intensive projects in priority areas such as renewable energy, infrastructure, and critical value chains.
• The International Bank for Reconstruction and Development (IBRD) will strengthen agricultural production and resilience by ensuring continuous food crop planting and harvesting; improve logistics infrastructure and connectivity to secure supply chains; and enhance healthcare through better primary care, rehabilitation services, and hospital modernisation.
• Dutch financing company Cardano Development will strengthen Ukraine's agri-food sector by providing targeted assistance to small farmers and mid-size agribusinesses, and open new business opportunities.

Norway's contribution to the Ukraine Investment Framework & critical support to Naftogaz:

Through an investment grant of €127 million (NOK 1.5 billion), Norway and the EU will support Naftogaz, Ukraine's state-owned energy company, in securing essential gas imports for millions of households, hospitals, schools and public institutions across the country.

The grant will be channelled through the European Investment Bank (EIB), which earlier this autumn signed a €300 million loan with Naftogaz. The EIB loan is guaranteed by the EU. This financing package will provide working capital for Naftogaz to purchase and store additional natural gas for the coming winter. Subsequently, Naftogaz plans to reinvest part of this support in decarbonisation and energy efficiency projects.

This support comes amid continuing Russian attacks on Ukrainian territory. Repeated missile strikes in October forced several major energy facilities to suspend operations, underlining the urgent need for additional gas imports and international assistance.

This cooperation with Naftogaz is part of the European Commission's broader mission to support Ukraine's recovery and reconstruction, with the energy sector remaining a top priority. The Ukraine Investment Framework (UIF) serves as the EU's main instrument to mobilise public and private investments in Ukraine, by reducing risks and improving access to affordable financing.

Background

The Ukraine Investment Framework is part of the €50 billion EU's Ukraine Facility designed to attract public and private investments for the recovery and reconstruction of Ukraine. It is endowed with financial instruments totalling €9.3 billion, with €7.8 billion in loan guarantees and €1.5 billion in blended finance. The aim of the Ukraine Investment Framework is to mobilise €40 billion of investments for the recovery, reconstruction, and modernisation.

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