EIB Board, supported by the EU Commission, approves €1.59 billion of EU financial assistance for Ukraine
The Russian war in Ukraine has had a devastating impact on the country's people, infrastructure and economy. In view of this extremely challenging situation in Ukraine, the Board of Directors of the European Investment Bank (EIB) recently (25 July 2022) approved a further €1.59 billion of financial support for Ukraine to address the country's infrastructure financing gap and urgent needs. €1.05 billion will be made available immediately.
- The EIB, the EU bank, is providing €1.59 billion, supported by guarantees from the EU budget, to help Ukraine repair the most essential damaged infrastructure and resume critically important projects addressing the urgent needs of Ukrainian people.
- This is the second package of support 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. Like the first one, this new financing is offered at favourable terms including long tenors.
This relief package is part of the EIB Ukraine solidarity response prepared in cooperation with the European Commission. It benefits from the EU guarantee under the external lending mandate and complements €668 million of immediate financial support for Ukraine provided by the EIB in early March 2022.
The second relief package under the EIB Ukraine solidarity response will help essential services to resume and get the most critical infrastructure up and running again, strengthen the country's resilience and maintain economic stability. It consists of two blocks of intervention:
- Immediate financial assistance totalling €1.05 billion. This will consist of upfront disbursements under eight existing finance contracts. It will help the Ukrainian government to cover priority short-term financing needs, provide support to strategic state-owned companies, ensure urgent repairs of damaged infrastructure, resume the provision of disrupted municipal services, and support urgent energy and energy efficiency measures in preparation for the cold season.
- Resuming implementation of EIB-financed projects in Ukraine totalling €540 million where possible, 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.
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