Belgium, (Brussels Morning Newspaper) The European Investment Bank (EIB) approved Ukraine aid worth 1.59 billion euro supported by EU budget guarantees.
The European Commission noted in a statement on Monday that it cooperated closely with the EIB on the response and noted that the latest move follows an emergency support package worth 668 million euro disbursed after the war in Ukraine broke out.
The EC pointed out that the aid will go towards infrastructure repairs and financing of important projects, adding that the money will be provided in the form of favourable loans.
The body stressed that the war devastated Ukraine’s infrastructure and economy, and has devastating effects on the population. It noted that 1.05 billion euro will be provided immediately and added that the move is part of the bloc’s solidarity response.
“The second relief package under the EIB Ukraine solidarity response will help essential services to resume and get the most critical infrastructure up and running again, strengthen the country’s resilience and maintain economic stability,” the Commission pointed out.
Immediate assistance worth 1.05 billion euro will help Ukraine to support strategically important companies, finance energy projects, repair damaged infrastructure and more.
EC in solidarity with Ukraine
Valdis Dombrovskis, European Commissioner for Trade, stressed that the EU “continues to stand by Ukraine and its people in the face of Russia’s brutal aggression.”
“This EIB support will keep strategic public sector companies financially viable and able to carry out urgent repairs of critical infrastructure, resume the provision of essential services and address other immediate needs of the Ukrainian people,” he added.
Dombrovskis concluded that the EC will continue “to support Ukraine on every level — for as long as it takes.”
Werner Hoyer, EIB President, added that the EC and the EIB “remain unshakeable in our solidarity with Ukraine and its people, in its hour of need and in the longer-term support of its reconstruction.”
Serhii Marchenko, Ukrainian Minister of Finance, thanked the EC and the EIB for their continued support and added “this 1.59 billion euro is a further meaningful contribution to the country’s immediate financing needs, which are under unprecedented pressure due to Russia’s invasion.”
