Finance Minister Paschal Donohoe has said that rebuilding Ukraine after Russia’s invasion will require “huge ongoing investment” as Ireland confirmed a new €7 million contribution to the European Investment Bank’s Ukraine reconstruction fund.
The announcement was made during a meeting in Washington today between Donohoe, EIB President Nadia Calviño, and Ukraine’s Finance Minister Sergii Marchenko, on the margins of the 2025 World Bank Group-IMF Spring Meetings.
“I am delighted to sign this EU for Ukraine trust fund contribution agreement today with the President Calviño and Minister Marchenko,” Donohoe said.
“Ireland has been unequivocal and steadfast in our support for the people of Ukraine following Russia’s unjustified aggression. We are all very aware that rebuilding Ukraine and enabling its recovery will require huge ongoing investment combining technical sector expertise and financial support.”
Donohoe also highlighted the importance of the European Investment Bank (EIB) in Ukraine’s reconstruction.
“The European Investment Bank is one of the key partners for rebuilding Ukraine and this EU for Ukraine trust fund allows basic services to be restored, energy and transport networks to be rebuilt and continues to ensure that Ukrainian companies can withstand the conflict,” he continued.
“As such, Ireland is happy to contribute directly to EIB Global’s support for Ukraine’s most urgent public and private sector projects. I am also very pleased to know that the Fund will continue to assist Ukraine’s preparations for membership of the EU.”
EIB Group President Nadia Calviño welcomed Ireland’s contribution, saying it demonstrated Europe’s “unity, strong partnership and determination.”
“I welcome this contribution by Ireland to accelerate and support projects that will help Ukraine’s recovery and support Ukrainians and businesses to carry on with their daily lives,” Calviño said.
“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.”
European Commissioner for Economy and Productivity Valdis Dombrovskis described Ireland’s contribution as a “tangible demonstration” of EU solidarity.
“I warmly welcome Ireland’s contribution to the EU for Ukraine fund, a crucial component of the EIB’s comprehensive support for rebuilding and reconstructing Ukraine,” Dombrovskis said.
“This is a tangible demonstration of the EU’s Member States solidarity in action. Every contribution brings us closer to implementing the urgent recovery and reconstruction efforts needed on the ground. We will continue to stand with Ukraine and its people.”
Ireland’s contribution of €7 million brings the total size of the EU for Ukraine Fund to more than €410 million. Sixteen EU Member States have contributed to the Fund, including Belgium, Croatia, Cyprus, Denmark, Estonia, Finland, France, Italy, Latvia, Lithuania, Luxembourg, the Netherlands, Poland, Slovakia and Spain.
The EIB has provided €2.2 billion in emergency and recovery support to Ukraine since the start of Russia’s full-scale invasion, with an additional €2 billion planned for infrastructure projects including water, heating, and municipal services.
Since 2007, the EIB Group has actively supported Ukraine’s integration into the European Union, particularly in energy security, infrastructure restoration, and essential public services.
The Fund has already backed a range of recovery projects across Ukraine, including support for small businesses to sustain jobs, strengthening emergency services with the rollout of the EU 112 emergency line, and modernising urban transport by renewing Kyiv’s metro fleet to replace Soviet-era trains and reduce dependence on Russian-made equipment.