The European Investment Bank (EIB) approved €16 billion in new funding, with €500 million earmarked to help Ukraine survive winter and rebuild homes destroyed by Russian attacks, according to a press release from the bank.
The money will support Ukraine’s state energy company Naftogaz as it scrambles to refill natural gas reserves before the cold months hit. The bank’s board also backed plans for 1,600 new housing units across Ukraine, where Russian bombing has left many families homeless. This latest package shows Europe’s continued commitment to keeping Ukraine running during wartime.
The EIB has been ramping up support for Ukraine since Russia’s invasion began, focusing on keeping the lights on and people housed. Energy infrastructure has been a prime target for Russian missiles, leaving millions without power during previous winters. The housing crisis has also grown as attacks destroy apartment buildings and force people from their homes.
The rest of the €16 billion will fund green energy projects across Europe, including offshore wind farms in the Baltic Sea and solar plants in Italy. EIB President Nadia Calviño said the bank has reached “cruising speed” in helping Ukraine meet urgent needs. “The package approved today shows our unwavering commitment and support to the country,” she said. The European Commission will back the Ukraine loans through guarantees, while Naftogaz promised to match the loan amount with investments in renewable energy projects.
The bank also approved €5.4 billion for Europe’s green transition, covering everything from German electricity grids to French renewable energy projects. A separate €13 billion program will help small businesses get loans through banks and financial institutions.
With winter approaching, the Ukraine funding comes at a time when energy security remains the country’s top priority alongside defense.
