The EIB Board, supported by EU has announced to help Ukraine rebuild the most essential damaged infrastructure and resume critically important projects
The European Investment Bank (EIB) has announced a financial assistance of € 1.59 billion, supported by guarantees from the European Union (E.U.) budget, to help Ukraine rebuild the most essential damaged infrastructure and resume critically important projects.
This is the second package for Ukraine under the EIB – Ukraine solidarity urgent response, developed in close cooperation with the European Commission. It follows an emergency support package of € 668 million fully disbursed within a month of the war’s beginning.
Taking it to twitter, the President of European Commission – Ursula von der Leyen tweeted,
🇺🇦 The @EIB, with EU budget support, approved €1.59 billion of financing for Ukraine, with €1 billion to be released immediately.
— Ursula von der Leyen (@vonderleyen) July 25, 2022
It will help rebuild infrastructure and resume services. And support energy, transport and education projects for the future.
We #StandWithUkraine pic.twitter.com/haiCTephri
The EIB tweeted,
Ukraine can count on the EU's full support. 🇪🇺🇺🇦
— European Commission 🇪🇺 (@EU_Commission) July 25, 2022
The @EIB, with EU budget support, approved €1.59 billion of financing for Ukraine, with €1 billion to be released immediately.
This will help rebuild the country's infrastructure and resume its services. #StandWithUkraine
Of these funds, € 1.05 billion would be made available immediately. This will consist of upfront disbursements under 8 existing finance contracts covering priority short-term financing needs, providing support to strategic State-owned companies, ensuring urgent repairs of damaged infrastructure, resuming the provision of disrupted municipal services and supporting urgent energy and energy efficiency measures in preparation for the cold season.
The remaining funds would be used for resuming implementation of EIB-financed projects in Ukraine, excluding areas of active hostilities and territories not controlled by the Ukrainian Government. The selected projects will cover energy, energy efficiency, roads, transport, education and infrastructure, as well as reconstruction and recovery programmes. The exact timing of these disbursements will depend on the state of advancement of underlying projects.
This EIB support will keep strategic public sector companies financially viable and able to carry out urgent repairs of critical infrastructure, resume the provision of essential services and address other immediate needs of the Ukrainian people, including those displaced by Russia’s war. The European Commission will keep working with E.U. Member States and international partners to support Ukraine on every level.
With this emergency package, EIB wants to send the message that E.U. and EIB remain unshakeable in their solidarity with Ukraine and its people, in its hour of need and in the longer-term support of its reconstruction. The EIB highlighted that the investment is about the future of Ukraine, the future of Europe and the future of the free world.
