The European Investment Bank has disbursed € 500 million to Ukraine to help them meet their immediate and most critical needs
The European Investment Bank (EIB) has disbursed € 500 million to Ukraine to help them meet their immediate and most critical needs, in the wake of continued invasion of Russia.
The funds are a part of € 1.59 billion package of the Ukraine Solidarity Urgent Response, supported by the European Union (E.U.) guarantee.
Of this € 1.59 billion, € 1.05 billion are for immediate assistance, of which € 500 million have been fully disbursed today and € 540 million are for resuming EIB-financed projects in Ukraine where the EIB continues its support to Ukraine by funding its existing projects as they progress.
Taking it to twitter, the European Commission tweeted,
We welcome the @EIB's first disbursement to Ukraine from its €1.59 billion Ukraine Solidarity Urgent Response package.
— European Commission 🇪🇺 (@EU_Commission) September 15, 2022
The funds will help 🇺🇦 to address its most urgent needs and repair key road and rail infrastructure damaged by Russian aggression.#StandWithUkraine https://t.co/kmzbuZA8SS
The disbursed financing of € 500 million will help the Ukrainian Government cover priority short-term financing needs, ensure urgent repairs of damaged road, bridges and railway infrastructure. It will also support strategic state-owned companies – Ukravtodor, Ukraine’s roads agency, and Ukraine rail company – Ukrzaliznytsya. With Ukraine being one of the biggest exporters of grain in the world, these vital interventions will help its economy recover and improve connectivity with the E.U.
Speaking on the occasion, the President of EIB – Werner Hoyer said, “Alongside our EU partners, our support and solidarity with Ukraine remains undimmed. We have disbursed €500 million under our second €1.59 billion Ukraine Solidarity Urgent Response package. This emergency package was prepared jointly with the European Commission, to assist Ukraine in facing urgent investment needs, from infrastructure networks to the delivery of basic services to the population. We are working closely with the government of Ukraine to ensure that the country can keep and resume its most critical functions in the face of such enormous challenges and suffering.”
Thanking the EIB, the Minister of Finance, Ukraine – Sergii Marchenko said, “We are grateful to the EU and its bank, the EIB, for standing with Ukraine. Your continued support is crucial for the people of Ukraine, Ukraine’s economic stability, and the overall resilience of the country. The first tranches from the €1.59 billion EIB support package, received today, will help the country repair the most essential damaged infrastructure, including road and rail transportation.”
The first emergency support package of € 668 million was fully disbursed within a month of the beginning of Russia’s unprovoked war of aggression against Ukraine. Since Russia’s invasion of Ukraine, the E.U. Member States and E.U. institutions have been united in their unwavering support to Ukraine as part of a coordinated Team Europe response.
