€2 billion urgent financial support for Ukrainian refugees in Europe

€2 billion urgent financial support for Ukrainian refugees in Europe

May 10, 2022

National promotional banks and institutions from EU member states and the European Investment Bank on 6 May launched the €2 billion ‘Quick Response — Care for Ukrainian Refugees in Europe’ initiative. The joint initiative aims to provide immediate relief this year for refugees fleeing the war in Ukraine and to promote the integration of Ukrainian refugees in EU Member States. 

The initiative was launched in Paris by five European national promotional banks and institutions, the European Investment Bank (EIB) and the European Association of Long-Term Investors (ELTI). The participants in the initiative will contribute directly or indirectly through their respective general programmes along with regional and local communities to provide housing for refugees and support their integration into local communities. The initiative could also finance education, healthcare and infrastructure needs and has a target of at least €2 billion of financial support this year.

The urgent support initiative in Europe is a first step as the group considers further measures to help Member States deal with the impact of the Russian invasion of Ukraine.

The five national promotional institutions involved are:

  • Bank Gospodarstwa Krajowego (BGK — Poland)
  • Groupe Caisse des Dépôts (CDC — France)
  • Cassa Depositi e Prestiti (CDP — Italy)
  • Instituto de Crédito Oficial (ICO — Spain)
  • Kreditanstalt für Wiederaufbau (KfW — Germany)

ELTI is the European association of public national promotional banks and financial institutions gathering 31 members all over Europe.

The European Investment Bank is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.

The pan-European support initiative for Ukraine will provide loans, grants, equity investment and guarantees for eligible projects and develop innovative financing structures for public and private infrastructure, municipalities as well as private enterprises of different sizes.

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