The European Investment Bank (EIB), with the support of the EU budget, has approved funding for Ukraine in the amount of EUR1.59 billion, of which EUR1 billion will be provided immediately, President of the European Commission Ursula von der Leyen said.
“The EIB, with EU budget support, approved EUR1.59 billion of financing for Ukraine, with EUR1 billion to be released immediately. It will help rebuild infrastructure and resume services. And support energy, transport and education projects for the future,” she said on Twitter.
“This is the second package of support for Ukraine under the EIB Ukraine solidarity urgent response developed in close cooperation with the European Commission. It follows an emergency support package of EUR668 million fully disbursed within a month of the war’s beginning. Like the first one, this new financing is offered at favorable terms including long tenors,” the EIB said on its website.
“Immediate financial assistance will total EUR1.05 billion. This will consist of upfront disbursements under eight existing finance contracts. It will help the Ukrainian government to cover priority short-term financing needs, provide support to strategic state-owned companies, ensure urgent repairs of damaged infrastructure, resume the provision of disrupted municipal services, and support urgent energy and energy efficiency measures in preparation for the cold season,” the report says.
“The second block will be resuming implementation of EIB-financed projects in Ukraine totaling EUR540 million where possible, excluding areas of active hostilities and territories not controlled by the Ukrainian government. The selected projects will cover energy, energy efficiency, roads, transport, education and infrastructure, as well as reconstruction and recovery programs. The exact timing of these disbursements will depend on the state of advancement of underlying projects,” the release reads.
“The European Commission will keep working with EU member states and our international partners to support Ukraine on every level — for as long as it takes,” Valdis Dombrovskis, European Commission Executive Vice President, said.
“To rebuild Ukraine, we need strong global support and growing financial assistance. I am grateful to the EIB and the European Union for the long-standing cooperation and financial support and for standing with Ukraine for as long as it takes,” Finance Minister of Ukraine Serhiy Marchenko said.
The European Investment Bank (EIB) is preparing a EUR 4 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 program, pending approval by the EIB’s Board of Directors, aims to finance the development of key social infrastructure for the provision of public services to refugees, including housing, schools, hospitals and kindergartens. The financial support will be complemented by advisory support, helping local authorities in EU Member States with free technical assistance to assess local needs rapidly, and plan, prioritize and prepare the related investments,” the bank said on its website.
“The EIB pledged the support for refugees at Stand Up for Ukraine, a global fundraising event in Warsaw to support the victims of the Russian aggression,” the report says.
“We are all devastated by the terrible destruction inflicted on Ukraine and its people, millions of whom are fleeing their country in search of peace and security. The horror we are witnessing strengthens our determination to act. With our initial Solidarity Package for Ukraine, and this new EUR 4 billion program for EU Member States, we will support Ukraine and help communities welcoming the refugees, ensuring they can offer them vital social facilities – 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 international community for Ukraine. The world must live up to the exemplary courage and resilience of the Ukrainian people and help them and those who support them,” EIB President Werner Hoyer said.
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.
The European Investment Bank (EIB), which already approved a EUR668 million immediate financial support package for Ukraine on March 4, may increase assistance and develop an additional support package for the country’s reconstruction after the war end, bank president Werner Hoyer said.
“We are working hard to provide more support — I envisage a package for a total of EUR2 billion from the EIB — for critical infrastructure and to rebuild what the Russian army has knocked down, in a free and independent Ukraine. We also hope to announce in the coming days further financing to support Ukraine’s neighbors in and outside the European Union as they offer shelter and protection to refugees fleeing war,” he said.
“The European Investment Bank made the first two disbursements totaling EUR129 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 EUR668 million was approved by the EIB Board of Directors on March 4. The financing benefits from the EU guarantee under the External Lending Mandate and complements other initiatives announced by EU institutions,” the report says.
“We are grateful to the European Investment Bank for close cooperation and efficient use of existing mechanisms to support Ukraine in these difficult times. We appreciate the swift actions, which allowed us to get essential funds for meeting the country’s urgent financial needs. We also hope to discuss new projects aimed at rebuilding economic and social infrastructure in the country in the near future,” Ukraine’s Finance Minister Serhiy Marchenko said.
The European Investment Bank (EIB) has provided EUR 49 million investments to carry out a comprehensive energy-efficient modernisation of the majority of their buildings of six Ukrainian universities under the Ukraine Higher Education project and they will also receive the E5P grant in the amount of EUR 10 million.
“Six Ukrainian universities will carry out a comprehensive energy-efficient modernisation of the majority of their buildings with the support of EUR 49 million investments of the European Investment Bank (EIB) and the E5P grant in the amount of EUR 10 million,” the EIB and the Ministry of Education of Ukraine said in a press release on Tuesday.
Chernihiv Polytechnic National University, Lviv Polytechnic National University, National Technical University Kharkiv Polytechnic Institute, National University Yuri Kondratiuk Poltava Polytechnic, Sumy State University and Vinnytsia National Technical University actively participate in the Phase I of the Ukraine Higher Education Project to improve their teaching and research facilities and dormitories.
“They will soon be joined by eight more higher education establishments, which were selected on a competitive basis to take part in the Phase II of the Project,” the bank and the ministry said in the press release.
The implementation of thermal modernisation works at the Phase I universities is expected to start in the fall of 2022.
The EIB is investing EUR 120 million in a comprehensive thermal refurbishment of six Ukrainian universities in the framework of the Ukraine Higher Education Project, which is an integral part of the joint EIB and EU support provided to Ukraine in the field of energy efficiency. The project is also co-financed by the Nordic Environment Finance Corporation (Nefco) in the amount of EUR 30 million.
EIB, ENERGY-EFFICIENT, EUROPEAN INVESTMENT BANK, LOAN, MODERNIZATION, UNIVERSITY
The European Investment Bank and Pravex Bank have signed a EUR30 million loan agreement to expand access to finance for small and medium-sized enterprises (SME) and mid-cap companies in Ukraine, a joint release said.
According to it, the loan is part of the efforts of the European Union initiative Team Europe to respond to the consequences of the coronavirus crisis.
“Cooperation with the EIB constitutes an important step in helping our bank reach its strategic goal to expand financing of small and medium enterprises, as well as mid-caps. This credit line will help us support our clients from the real economy, providing them with the affordable loans they need in order to mitigate the economic consequences of the pandemic crisis they have faced,” chairman of the management board of Pravex Bank Gianluca Corrias said.
Pravex Bank was founded in 1992. Its sole shareholder at the beginning of 2020 was Intesa Sanpaolo S.p.A. (Italy).
According to the National Bank, as of September 1, 2020, in terms of total assets (UAH 6.539 billion), Pravex Bank ranked 26th among 75 banks operating in the country.
