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Ukraine will receive 100 million euros from the CEB to compensate for housing destroyed as a result of Russia’s armed aggression

On June 11, on the sidelines of the International Conference on the Reconstruction of Ukraine (URC2024), Minister of Finance of Ukraine Sergii Marchenko and Head of the Council of Europe Development (CEB) Bank Carlo Monticelli signed an agreement to provide Ukraine with a loan of EUR 100 million under the project “HOME: Compensation for destroyed housing” (HOME), according to an official statement on the website of the Ministry of Finance of Ukraine.

The HOME project will be implemented throughout the government-controlled territory of Ukraine. The funds raised will be used to support the direct assistance mechanism (housing certificates), which will enable the final beneficiaries, including combatants, disabled people and large families, to receive compensation for their housing destroyed as a result of hostilities and terrorist attacks in Russia in the form of housing purchase certificates.

“Russia’s full-scale war has caused more than $50 billion in losses to Ukraine’s housing sector. The HOME project will help affected citizens return to a comfortable life as soon as possible. We are extremely grateful to the Bank for its active support and solidarity with Ukraine. Further implementation and development of projects to support the social sphere will contribute to sustainable social development and recovery,” said Sergii Marchenko during the event.

“I am pleased to sign the first loan agreement between the BRDO and Ukraine. This is just the beginning. As a leading social bank in Europe, the EBRD intends to support Ukraine’s long-term social development and social integrity, as well as its recovery and reconstruction. We look forward to continuing to work on the priorities identified by the Government of Ukraine, using our expertise, experience and resources for the benefit of the Ukrainian people,” said Carlo Monticelli, EBRD Governor.

The project is being implemented as part of the eRestoration service and in accordance with the current legislation, namely the Law of Ukraine “On Compensation for Damage and Destruction of Certain Categories of Real Estate as a Result of Hostilities, Terrorist Acts, and Sabotage Caused by the Armed Aggression of the Russian Federation against Ukraine.”

Citizens can submit requests and receive certificates of compensation for damaged property. The process of verifying applications and selecting requests is carried out by a special State Compensation Commission. It will be possible to track the progress of the case in the Diia mobile application.

“Less than a year after Ukraine joined the EBRD, we are already implementing two important social projects with the Bank’s funding. This demonstrates the Bank’s trust in Ukraine as a partner and its commitment to support us in the face of the constant challenges of a full-scale war. I am convinced that our further cooperation will contribute to the successful implementation and development of new financial and credit programs in the social sector,” Olga Zykova said.

In June 2023, Ukraine completed the accession process and became the 43rd member state of the Council of Europe Development Bank. On November 7, 2023, Deputy Minister of Finance Olha Zykova was appointed as the representative of Ukraine in the Administrative Council of the BRDE by the Decree of the President of Ukraine.

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