KIEV: Ukrainian Prime Minister Denys Shmyhal announced that Ukraine will receive 1.6 billion euros (USD 1.62 billion) from the European Investment Bank (EIB).

"On Tuesday, the European Investment Bank agreed to disburse 1.6 billion euros to Ukraine, with 1 billion euros out of this sum to be allocated promptly," Shmyhal told a cabinet meeting on, according to the government's press service.

Shmyhal said the funds will be directed for the activities to prepare Ukraine for the heating season, including the restoration of damaged electricity, water and heat supply facilities.

According to the Interfax-Ukraine news agency, Ukraine will also use part of the funding from the European Investment Bank to finance projects in energy efficiency, roads, transport, education, infrastructure and other sectors.

Kiev plans to raise USD 20 billion in international aid from its Western partners by the end of 2022, said Ukrainian Finance Minister Serhiy Marchenko at a public event in June.

 This is the second package of assistance to Ukraine, which will help rwesume  and reactivate key  elements of the country’s infrastructure, boosting its resilience and maintaining its economic stability. “We continue to be in regular get in touch with the Government of Ukraine to assist  flexibly whenever  needed. It is a matter of investing in the future of Ukraine, the future of Europe and the future of the free world,” Teresa Chervinska, European Investment Bank Vice-President responsible for operations in Ukraine, said.

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