We must continue to invest in solutions to our planetary problems, says EIB President Hoyer at Atlantic Council’s event in Washington D.C.
21 April 2022
On the margins of the IMF/World Bank Group spring meetings, EIB President Werner Hoyer joined a live discussion with Atlantic Council’s Julia Friedlander on how EU investment can assist Ukraine, build a resilient energy infrastructure in Europe and contribute to addressing planetary emergencies, such as climate change and food security.
During the livestream, President Hoyer said: “Putin’s attack on Ukraine is not a European crisis. It is an event that changes the international order the world over. Russia’s breach of international laws and Putin’s contempt for human life have shaken the multilateral system to its core. The future of our planet, of climate change, of peace, prosperity and the fight against poverty, even access to food and energy, are in jeopardy as a result of the war.”
President Hoyer also explained how multilateral development banks such as the EIB can leverage this moment to invest in quality infrastructure that addresses immediate national security concerns and reinforces adaptation to climate change:
“We need to invest in solutions to our planetary problems and most importantly, galvanise the energy and ingenuity of the private sector. The magnitude of investment needed to address global challenges such as pandemics and climate change is so great that the private sector must play a central role. There isn’t enough public money in the world, and what there is will now be under increasing pressure to finance security and defense. Now as before, creating a virtuous cycle of impactful and sustainable investment requires partnering with and crowding in the private sector. And this is where development banks will continue to play a crucial role.”
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.
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