First payments under EIB Ukraine Solidarity Urgent Response reach Ukraine

First payments under EIB Ukraine Solidarity Urgent Response reach Ukraine

March 11, 2022

The European Investment Bank (EIB), the Bank of the European Union, has made the first two disbursements totalling €129 million to the Government of Ukraine for the most urgent needs. The funds are part of the EIB’s Ukraine Solidarity Urgent Response of which €668 million was approved by the EIB Board of Directors on 4 March.

Further disbursements are scheduled for the coming days.

“The European Investment Bank is delivering rapid financial support to Ukraine to assist with urgent financing needs,” said EIB President Werner Hoyer. “Speed and flexibility are key here and we, as the EU bank, will continue to work in close coordination with the Government of Ukraine to ensure that Ukrainian people may benefit from EIB support when they need it most.” 

He added the EIB was working to provide more support — “I envisage a package for a total of €2 billion from the EIB” — for critical infrastructure and to rebuild what the Russian army has knocked down, in a free and independent Ukraine. 

“We also hope to announce in the coming days further financing to support Ukraine’s neighbours in and outside the European Union as they offer shelter and protection to refugees fleeing war,” Hoyer added.

The funds approved and disbursed so far have now reached the Ukrainian authorities to help them meet their most immediate and urgent financial needs.

Under its Solidarity Package for Ukraine, the EIB is now pursuing further initiatives, including:

1.     Financing critical infrastructure needs in Ukraine by repurposing infrastructure project commitments to meet immediate investment and reconstruction needs. The financing will cover transport, energy, urban development and digital investment. 

2.     Helping to rebuild whatever the Russian army destroys by financing new critical economic and social infrastructure needed as soon as a free and independent Ukraine is re-established after the war. 

In parallel, EIB experts are currently assessing the needs of countries in Ukraine’s neighbourhood and within the European Union that are welcoming refugees from Ukraine, or are affected by the war in other ways. The EIB is working with partner EU institutions, as well as national and local authorities, national promotional institutions and other counterparties to make financial and technical assistance urgently available to these countries and regions. 

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