19:21 31.10.2023

Circular economy and green recovery principles included in terms of use of EUR 50 bln from Ukraine Aid Fund – Shuliak

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The principle of the "New European Bauhaus" (in particular, the circular economy and green recovery) are included in the conditions for receiving EUR 50 billion from the Ukraine Aid Fund.

This was announced by Chair of the Committee on the organization of state power, local government, regional development and urban planning and Head of the Servant of the People party Olena Shuliak after a joint meeting of members of the Verkhovna Rada committee with representatives of the European Parliament Committee on Regional Development (REGI) on October 30.

"Ukraine intends to fulfill as quickly as possible all the conditions for receiving financial assistance of EUR 50 billion from the EU, intended for economic and social recovery after the Russian invasion. It is about reforms within the framework of the European integration path and regional development, decentralization and deregulation, anti-corruption measures, maximum attracting private investment in the development of the Ukrainian economy and maximum digitalization of recovery processes, as they have a positive impact on the investment climate of Ukraine," Shuliak said.

According to her, the plan to receive EUR 50 billion from the EU includes the implementation of the principles of the "new European Bauhaus," in particular the circular economy and the principles of green recovery. This includes the processing of construction waste and its reuse.

Chair of the REGI Committee Younous Omarjee also noted the importance of the principles of green development – the investments that Ukraine will receive should under no circumstances harm the environment, therefore Ukrainian legislation in this regard should be brought closer to European legislation. Ukraine will receive support from the EU in creating relevant legislative acts.

"The EU's support is not weakening, on the contrary. All obligations of the European Parliament assumed will be specified. This is the purpose of our visit. To maximally support and accompany Ukraine on the path to implementing reforms," he said.

Omarjee also emphasized the importance of Ukraine's adherence to the principles of decentralization and strengthening the fight against corruption.

"The funding that Ukraine will receive will help it overcome all the challenges it faces. But receiving billions of dollars in aid is one thing, but the ability to use them wisely is another," the chair of the REGI Committee said, adding that the European Parliament plans to begin transferring the planned amounts of funding to Ukraine at the beginning of 2024.

Ukraine, using EU financial assistance, shall comply with certain rules. In particular, part of the EUR 50 billion fund should be used as technical assistance and another part of the funds from this fund will be transferred to individual cities and territorial communities.

"Our goal is a transition to a policy of cohesion, since in the EU this is the basis for the regional development of member states. We are talking, in particular, about cross-border cooperation: the regions and communities of Ukraine with their European colleagues. We want the previous cooperation with Russia to be reoriented towards cooperation with states-members of the EU," he concluded.