According to Interfax-Ukraine, the Board of Directors of the European Investment Bank (EIB) has approved emergency financial support of 668 million euros to Ukraine.
“This primary aid package for the war-torn country is guaranteed by the EU under the External Lending Mandate and complements other initiatives, announced by EU institutions. It will help the Ukrainian government meet the most pressing financial needs, particularly food, medicine, and fuel for the citizens,” the EIB statement says.
Emergency support will be available in a few days: EIB will transfer the funds available under two of its previous loans to support small and medium-sized businesses and the agricultural sector. “In the face of this tremendous Russian armed aggression, I am impressed by the determination, bravery, and grit of the Ukrainian people.
We are determined to do everything we can to support Ukraine and concretely demonstrate European solidarity with the country,” Werner Hoyer, President of the European Investment Bank, said. At the same time, he stresses that bank is looking for ways to speed up the provision of an additional EUR1,3 billion of investment.
“As soon as conditions allow, we will help rebuild what the invasion destroyed in Ukraine. We will also step in to help all affected countries, whether within the EU or in its neighborhood, to cope with the arrival of refugees from Ukraine and with the economic damage brought by this terrible war,” he added.
The EIB Council unanimously condemned Russia's brutal and illegal invasion of Ukraine, and the financial support provided is part of the EIB's emergency measures of solidarity with Ukraine.At the same time, the financial institution's management agreed to continue the work of the EIB on further initiatives as part of the emergency package of solidarity with Ukraine.
Among them - is financing the needs of critical infrastructure through the redevelopment of infrastructure projects.
"These funds will be available very soon, as soon as the Ukrainian authorities can sign the changes to existing agreements," the financial institution said.
Another area will be the support in rebuilding everything that the Russian military has destroyed, by funding new critical economic and social infrastructure, as soon as the restoration of free and independent Ukraine begins.