EIB Group starts disbursements from €1.59 billion EIB Ukraine Solidarity Urgent Response package

By European Investment Bank

EIB Group starts disbursements from €1.59 billion EIB Ukraine Solidarity Urgent Response package

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, and ensure urgent repairs of damaged roads, bridges and railway infrastructure. It will also support strategic state-owned companies — Ukravtodor, Ukraine’s roads agency, and Ukrainian rail company Ukrzaliznytsia. Repairs to 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 European Union.

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 on September 14, 2022. Further payments are scheduled over the coming days.
  • €540 million for resuming EIB-financed projects in Ukraine where the EIB is continuing its support to Ukraine by funding its existing projects as they progress.

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 maintain 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 European Union 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 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.