EIB Announces €7M Irish Contribution to Ukraine Fund at IMF Spring Meetings

The new contribution was officially announced by EIB President Nadia Calviño, Ireland’s Minister for Finance Paschal Donohoe, and Ukraine’s Minister of Finance Sergii Marchenko.

In a powerful affirmation of European solidarity and international cooperation, the European Investment Bank (EIB), the financial arm of the European Union, today announced a €7 million contribution from Ireland to the EU for Ukraine Fund. This fund, spearheaded by the EIB, is a key instrument in the EU's multi-pronged effort to support Ukraine’s recovery and rebuilding process in the aftermath of Russia’s ongoing aggression.

Ireland’s Role in Supporting Ukraine’s Resilience

The new contribution was officially announced by EIB President Nadia Calviño, Ireland’s Minister for Finance Paschal Donohoe, and Ukraine’s Minister of Finance Sergii Marchenko. The announcement came during a high-level meeting on the sidelines of the 2025 World Bank Group and International Monetary Fund Spring Meetings in Washington, D.C.

This latest addition raises the total funding pool of the EU for Ukraine Fund to more than €410 million, reinforcing the EU’s role as a steadfast partner in Ukraine’s journey toward recovery, stability, and eventual EU membership.

Minister Donohoe expressed Ireland’s unwavering support:

“I am delighted to sign this EU for Ukraine trust fund contribution agreement today. Ireland has been unequivocal and steadfast in our support for the people of Ukraine following Russia’s unjustified aggression.”

He emphasized the importance of combining financial aid with technical expertise to rebuild vital infrastructure and maintain critical services. Donohoe added that the EIB's involvement ensures that energy, transport, emergency response systems, and business operations in Ukraine continue to function amidst and after the conflict.

A Fund Built on Solidarity and Strategic Recovery

The EU for Ukraine Fund is part of EIB Global, the development arm of the Bank, which collaborates closely with EU institutions to deliver fast, effective, and targeted assistance. With Ireland’s support, 16 EU Member States have now contributed to the fund. These include:

• Belgium

• Croatia

• Cyprus

• Denmark

• Estonia

• Finland

• France

• Italy

• Latvia

• Lithuania

• Luxembourg

• Netherlands

• Poland

• Slovakia

• Spain

• Ireland (latest contributor)

The fund provides vital support for reconstruction and modernization projects, especially in areas where conventional funding is difficult due to the ongoing war. It also helps lower borrowing costs for project promoters, making it easier for Ukrainian institutions and companies to move forward with essential recovery plans.

What the Fund Supports

Since its inception, the EU for Ukraine Fund has been deployed to finance a variety of impactful recovery efforts:

• Sustaining Small Businesses: Through financing packages that help local enterprises retain staff and keep economic activity alive.

• Emergency Response Services: Implementation of the EU-wide 112 emergency number, enhancing Ukraine’s disaster and emergency management capabilities.

• Urban Infrastructure Renewal: Notably, the fund supported the modernisation of Kyiv’s metro fleet, replacing outdated Soviet-era trains with new rolling stock that reduces dependency on Russian equipment.

A Message of Unity from EIB Leadership

EIB President Nadia Calviño underscored the significance of Ireland’s contribution:

“This is Europe at its best – demonstrating unity, strong partnership and determination. Together we are mobilizing resources to help Ukraine rebuild for our shared security and a stable future.”

EIB Vice-President Teresa Czerwińska, who oversees operations in Ukraine, added:

“With the EU for Ukraine Fund, we are turning European solidarity into concrete support that helps Ukraine recover and rebuild faster.”

Endorsement from the European Commission

Valdis Dombrovskis, European Commissioner for Economy and Productivity, Implementation and Simplification, welcomed the Irish contribution, calling it “a tangible demonstration of the EU’s Member States solidarity in action.” He emphasized that every contribution to the fund accelerates critical on-the-ground reconstruction and brings Ukraine closer to EU integration.

Looking Ahead

As Ukraine continues to face the devastating effects of a prolonged war, the EU for Ukraine Fund remains a central pillar of the continent’s strategy to ensure a resilient, secure, and economically viable Ukraine. With each Member State’s contribution, the EU sends a clear message: Ukraine will not stand alone.

Ireland’s latest support not only reaffirms its commitment to international peace and democratic resilience but also strengthens the collective European resolve to secure a stable future for Ukraine.