The European Investment Bank (EIB) will provide a EUR 300 million loan for a project on energy efficiency of public buildings in Ukraine, which provides for the energy modernization of administrative buildings, schools, kindergartens, cultural institutions and hospitals.

According to a posting on the bank's website, the board of directors approved the project on September 16 this year.

The estimated total cost of the project is EUR 407 million, while Ukraine's investment need in this area is estimated at EUR 2 billion.

The EIB has reportedly signed an agreement on an energy efficiency project for public buildings with the Ministry of Communities and Territories Development. The implementation of the project will increase the energy efficiency of 1,000 buildings, as well as reduce carbon dioxide emissions by one million tonnes.

According to the press service of the Ministry of Regional Development, thermal modernization will be carried out by installing modern energy efficiency equipment, meters and control systems, modernizing heating, ventilation, lighting systems, etc.