EIB prepares a €4 billion program to support EU Member States hosting Ukrainian war refugees and to develop vital social infrastructure, as part of the EIB’s Ukraine Solidarity Package.
New EIB program will offer long-term financing and technical assistance to local communities welcoming Ukrainian war refugees.
The EU bank already disbursed €668 million to the Government of Ukraine for their urgent liquidity needs.
The EIB pledged the support for refugees at “Stand Up for Ukraine”, a global fundraising event in Warsaw to support the victims of the Russian aggression.
The European Investment Bank (EIB), the Bank of the European Union, announced a €4 billion program for 2022 and 2023 to help cities and regions in EU Member States address urgent investment needs and meet the challenges of welcoming and integrating war refugees from Ukraine.
The new EIB program, pending approval by the EIB’s Board of Directors, aims to finance the development of key social infrastructure for the provision of public services to refugees, including housing, schools, hospitals and kindergartens. The financial support will be complemented by advisory support, helping local authorities in EU Member States with free technical assistance to assess local needs rapidly, and plan, prioritise and prepare the related investments.
The EIB Board already approved the EIB Solidarity Package for Ukraine on 4 March 2022. As part of that package, between 8 and 25 March the EU Bank disbursed €668 million of urgent liquidity support to the Government of Ukraine. In addition, the EIB is working on providing further financing to enable the Government of Ukraine to continue providing critical public services for citizens that remained in Ukraine. As discussed between EIB President Werner Hoyer and Prime Minister of Ukraine Denys Shmyhal, these funds are foreseen to support transport, energy, urban development and digital projects; they are a part of the Solidarity Package for Ukraine prepared in cooperation with the European Commission.
The EIB will continue to explore possibilities to support Ukraine and Ukrainian refugees jointly with the European Commission, in particular through the Social Investment and Skills Window of the recently started InvestEU programme.
EIB President Werner Hoyer said: “We are all devastated by the terrible destruction inflicted on Ukraine and its people, millions of whom are fleeing their country in search of peace and security. The horror we are witnessing strengthens our determination to act. With our initial Solidarity Package for Ukraine, and this new €4 billion program for EU Member States, we will support Ukraine and help communities welcoming the refugees, ensuring they can offer them vital social facilities – housing, schools, hospitals. I am deeply grateful to President Ursula von der Leyen and Prime Minister Justin Trudeau for their leadership and for mobilizing the international community for Ukraine. The World must live up to the exemplary courage and resilience of the Ukrainian people and help them and those who support them.”
The EIB pledged its support at the ‘Stand Up For Ukraine’ global fundraising event for refugees and internally displaced people in Ukraine launched by the European Commission, the Government of Canada and the international civil society organization Global Citizen on Saturday in Warsaw. The Russian aggression on Ukraine resulted to date in more than 6.5 million internally displaced people and 3.8 million refugees.
During the event the EU, governments, international organizations and private donors overall pledged to provide 10.1 billion in additional funding and other types of support to cover the needs of Ukrainians fleeing the war in the country.
On 26 September, Luxembourg’s Finance Minister Yuriko Backes, Minister of Education, Children and Youth Claude Meisch and EIB President Werner Hoyer inaugurated a new school for migrant children in an EIB building in Kirchberg.
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) today 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.