Modernization of housing, heat and water supply systems in Ukraine requires EUR 46 bln

17:38, 08.11.2017 1 min read

The Ministry of Regional Development, Construction, Housing and Utilities Services has estimated the amount of investment needed to modernize the housing market, as well as heat and water supply systems in Ukraine, at EUR 46 billion.

Minister of Regional Development, Construction, Housing and Utilities Services Hennadiy Zubko said at the international congress on the reform of housing and utilities services that the modernization of housing, heat and water supply systems requires EUR 30 billion, EUR10 billion and EUR6 billion respectively.

The minister added there are resources for modernization in Ukraine, but they are misused.

"Every year we spend more than UAH 70 billion on subsidies. Half of this money is spent in vain," Zubko said, adding that these funds could be used to modernize housing and heat and water supply systems.

He stressed the government supports the proposal of the World Bank and the European Bank for Reconstruction and Development to monetize unused subsidies and use them to improve energy efficiency.