- The first payments of €500 million of immediate assistance to Ukraine have reached the country to address its most urgent needs.
- These funds are part of the second €1.59 billion package of the EIB's Ukraine Solidarity Urgent Response developed in close cooperation with the European Commission.
- The first emergency support package of €668 million was fully disbursed within a month of the beginning of Russia's unprovoked war of aggression against Ukraine.
Yesterday, the European Investment Bank (EIB), the EU bank, disbursed the first tranches of the €1.59 billion package of the Ukraine Solidarity Urgent Response, supported by an EU guarantee.
The disbursed financing of €500 million will help the Ukrainian government cover priority short-term financing needs, ensure urgent repairs of damaged road, bridges and railway infrastructure. It will also support strategic state-owned companies — Ukravtodor, Ukraine's roads agency, and Ukraine rail company Ukrzaliznytsya. Repairs of 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 EU.
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 disbursed today. Further payments are scheduled for the coming days.
- and €540 million for resuming EIB-financed projects in Ukraine where the EIB continues its support to Ukraine by funding its existing projects as they progress.
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 EU's unwavering commitment to support Ukraine - and more will follow in line with that commitment this month.”
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 keep and resume its most critical functions in the face of such enormous challenges and suffering.”
Sergii Marchenko, Minister of Finance of Ukraine, said: “We are grateful to the EU 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, received today, 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.
- 15 September 2022
- Generaldirektoratet for Naboskabspolitik og Udvidelsesforhandlinger