The disbursed financing of €500 million will help the Ukrainian government cover priority short-term financing needs, and ensure urgent repairs of damaged roads, bridges and railway infrastructure. It will also support strategic state-owned companies — Ukravtodor, Ukraine's roads agency, and Ukrainian rail company Ukrzaliznytsia. Repairs to the train network, roads and bridges will help Ukraine keep people, goods and grain moving. With Ukraine being one of the biggest exporters of grain in the world, these vital interventions will help its economy recover and improve connectivity with the European Union.
The €1.59 billion package of support under the EIB Ukraine Solidarity Urgent Response, backed by guarantees from the EU budget, consists of two blocks of interventions:
€1.05 billion of immediate assistance, of which half a billion was fully on September 14, 2022. Further payments are scheduled over the coming days.
€540 million for resuming EIB-financed projects in Ukraine where the EIB is continuing its support to Ukraine by funding its existing projects as they progress.
EIB President Werner Hoyer said: “Alongside our EU partners, our support and solidarity with Ukraine remains undimmed. We have disbursed €500 million under our second €1.59 billion Ukraine Solidarity Urgent Response package. This emergency package was prepared jointly with the European Commission, to assist Ukraine in facing urgent investment needs, from infrastructure networks to the delivery of basic services to the population. We are working closely with the government of Ukraine to ensure that the country can maintain and resume its most critical functions in the face of such enormous challenges and suffering.”
Valdis Dombrovskis, European Commission Executive Vice-President for an Economy that Works for People, said: “This first disbursement from the EIB’s recently approved €1.59 billion support package — backed by EU guarantees — will have a real impact on the ground in Ukraine. It will help Ukraine to address its most urgent funding needs and repair key road and railway infrastructure damaged by Russia’s aggression. This support is vital for Ukraine’s people and economy. This first €500 million payment is a testament to the European Union’s unwavering commitment to support Ukraine — and more will follow in line with that commitment this month.”
Sergii Marchenko, Minister of Finance of Ukraine, said: “We are grateful to the European Union and its bank, the EIB, for standing with Ukraine. Your continued support is crucial for the people of Ukraine, Ukraine’s economic stability, and the overall resilience of the country. The first tranches from the €1.59 billion EIB support package will help the country repair the most essential damaged infrastructure, including road and rail transportation.”
Since Russia's war of aggression started, EU Member States and EU institutions have been united in their unwavering support to Ukraine as part of a coordinated Team Europe response. Find out more about assistance provided so far on the European Commission’s webpage and on the EIB’s webpage.
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.
The European Investment Bank (EIB), the Bank of the European Union, owned by its 27 Member States, made the first two disbursements totalling €129 million to the Government of Ukraine for the most urgent needs. These 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. The financing benefits from the EU guarantee under the External Lending Mandate and complements other initiatives announced by EU institutions
At an extraordinary meeting convened on 4 March to discuss urgent EIB support for Ukraine, the Board of Directors of the European Investment Bank (EIB) unanimously expressed its horror and condemnation of Russia’s brutal, illegal and unjustified aggression against Ukraine.