The European Investment Bank (EIB) is preparing a EUR4 billion financing program that will help EU member states take in Ukrainian refugees fleeing the war, as well as ensure the development of critical social infrastructure.
“The new EIB programme, awaiting Board approval, aims to finance the development of key social infrastructure to provide public services for refugees, in particular housing, schools, hospitals and kindergartens,” the bank said on Saturday.
The EIB has pledged to support communities to receive refugees and provide them with critical social services during the international fundraising event in support of the victims of Russian aggression “Stand up for Ukraine”, taking place in Warsaw on this day and organized by the European Commission, the Government of Canada and Global Citizen.
The financial assistance will be complemented by free advisory support to assist local authorities in EU Member States in rapidly assessing local needs and in planning, prioritizing and preparing appropriate investment projects.
“We are all stunned by the terrible destruction inflicted on Ukraine and its citizens, millions of whom are fleeing the country in search of peace and security. The horror that we are witnessing only strengthens our resolve to act,” Bank President Werner Hoyer was quoted in the release as saying.
Through our initial Solidarity Package with Ukraine and this new 4 billion euro program for EU member states, we will support Ukraine and also help: with 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 global community for Ukraine. The world must match the exemplary courage and resilience of Ukrainians, as well as help them and those who support them.”
The bank recalled that from March 8 to March 25 it had already transferred EUR668 million to the government of Ukraine for emergency liquidity support.
In addition, the EIB is working to provide further funding to enable the government of Ukraine to continue to provide critical public services for citizens remaining in Ukraine. According to the agreements between Hoyer and Prime Minister of Ukraine Denys Shmygal, these funds are provided to support transport, energy, urban development and digital projects.
The EIB will continue to explore opportunities to support Ukraine and Ukrainian refugees together with the European Commission, in particular through the Social Investment and Skills Window component of the recently launched InvestEU programme, the report also says.
According to the UN, Russian aggression against Ukraine has resulted in 7.1 million internally displaced persons and 3.8 million refugees.
The EIB is the long-term lending institution of the European Union. Its owners are the member states of the European Union. The Bank provides access to long-term financing for prudent investment in order to implement European Union policies.
