The European Investment Bank (EIB) and the Economic Security Bureau of Ukraine step up collaboration in the fight against fraud, corruption and other irregular practices that could affect the financial interests of the EU and EIB in Ukraine. The institutions signed a corresponding memorandum of understanding.

The memorandum, signed by EIB Inspector General Monique Koning and the ESBU Deputy Director Andriy Pashchuk, regulates the exchange of information, as well as key areas of cooperation in preventing and detecting illegal actions that may affect EIB-financed projects.

"Accountability and transparency are especially important in the context of Ukraine’s reconstruction and EU accession process, which we at the EIB Group actively support through our investments,” said EIB Vice-President Teresa Czerwińska, responsible for the bank’s operations in Ukraine.

“We are accountable to ensure that the money reaches the intended beneficiaries and to preserve the reputation and trust of the EIB Group. When we act together, especially in challenging environments like Ukraine, we can make a significant difference in the fight against fraud and corruption. Strengthening cooperation with Ukrainian law enforcement authorities like the ESBU is essential in these efforts,” added EIB Inspector General Monique Koning during the signing of the Memorandum

In his turn, the ESBU Deputy Director, Andriy Pashchuk, thanked the EIB for its contribution to the development of Ukraine, especially for the initiatives to rebuild energy infrastructure facilities, and offered to create a joint working group to develop additional risk criteria for the misuse of the EIB funds.

"The Economic Security Bureau of Ukraine has significant achievements in countering the inefficient use of budget funds and funds of international technical assistance. However, interaction with the EIB experts will definitely strengthen our work in this direction. This applies both to the exchange of information and to the exchange of experience with experts of the European Investment Bank," said Pashchuk.

Background information: the EIB is the EU bank and has been present in Ukraine since 2007. The bank has stepped up its financial support for the country’s resilience and modernization since the full-scale Russian invasion in 2022. Since then, the EIB has provided swift relief, disbursing €2 billion of financing for emergency repairs to the country's ravaged infrastructure.

Since 2023 the EIB has been implementing the "EU for Ukraine" initiative to help rebuild infrastructure, support priority investment needs and back business. The initiative includes the EU for Ukraine Fund and a €100 million technical assistance package. The EIB is also set to play a key role in the implementation of the European Union’s €50 billion Ukraine Facility financial package over the 2024-2027 period.