The Board of Directors of the European Investment Bank (EIB) has approved yesterday a €4 billion credit line (or programme loan) to help national authorities, cities, regions and local communities in all EU Member States address urgent investment needs and help welcome and integrate people fleeing the war against Ukraine. This follows the announcement at the ‘Stand Up for Ukraine' global pledging event and campaign organised by the European Commission and Canada in partnership with Global Citizen, which raised €9.1 billion for people fleeing the Russian invasion, inside Ukraine and abroad, including the €4 billion from the EIB and €1 billion from the European Commission. It was announced yesterday that the EIB credit line will be complemented by the EMBRACE Advisory Platform, a new initiative by the EIB and the European Commission. Through EMBRACE, EU Member States can receive targeted advisory assistance to rapidly deploy investments, projects and instruments that support their communities. Managed by the EIB and building on the EU InvestEU Advisory Hub, JASPERS and fi-compass initiatives, the EMBRACE platform will offer advisory services targeting public sector project promoters, such as national authorities, cities, regional administrations, managing authorities responsible for EU funds, national promotional banks and other financial institutions. Commission President Ursula von der Leyen said: “Europe provides a safe shelter to millions of people who have fled Russia's invasion of Ukraine. The European Union is here to support Member States hosting refugees from Ukraine, with funding, and also with advisory services to help deploy investments rapidly and efficiently, to cover their short and medium-term needs. Our wide-ranging cooperation with the EIB is essential for delivering this tangible solidarity.” A press release is available online.
- Publication date
- 19 May 2022
- Directorate-General for Neighbourhood and Enlargement Negotiations