By John Meyer, financial consultant – Eurasia Business News – March 5, 2022
The Board of Directors of the European Investment Bank (EIB) at an extraordinary meeting on Friday approved emergency financial support for Ukraine in the amount of EUR 668 million, reported a press release.
“This primary care package for a war-torn country is guaranteed by the EU under the External Lending Mandate and complements other initiatives announced by EU institutions. It will help the Ukrainian authorities meet the most urgent financial needs, in particular, the purchase of food products, medicines and fuel for citizens,” the EIB said in its statement.
This emergency financial support will be available within a few days : the EIB will transfer funds available within its two loans, which were previously provided in order to support small and medium-sized businesses, as well as the agricultural sector of Ukraine.
Werner Hoyer, President of the European Investment Bank, said :
“I am moved to see the determination, bravery and courage with which the Ukrainian people are facing Russia’s shocking military aggression. We are determined to do everything in our power to support Ukraine and to show concretely Europe’s solidarity with that country. With the crucial support of the European Commission, we are making available a substantial financial envelope as part of the EU’s immediate overall response. Our Board of Directors decided today to provide the Ukrainian authorities with much-needed liquidity. This is the first part of our series of emergency measures in solidarity with Ukraine. […]”
According to Werner Hoyer, the Bank is exploring ways to accelerate the provision of an additional EUR 1.3 billion in assistance :
“As soon as the conditions are right, we will help rebuild what the invasion destroyed in Ukraine. We will also act to help all affected countries, both within the EU and in its neighbourhood, to cope with the arrival of refugees from Ukraine and the economic damage caused by this terrible war.”
The European Investment Bank noted that the European Council unanimously condemned Russia’s military operation launched against Ukraine on February 24, and the financial support provided is part of the emergency measures of solidarity with Ukraine from the EIB.
Valdis Dombrovskis, Executive Vice-President of the European Commission, commented :
“We welcome this substantial EIB envelope, which is the latest demonstration of the EU’s unwavering solidarity with Ukraine, at a time when the country is facing immense needs. It will provide immediate liquidity to the Ukrainian state as it fights Russia’s illegal and cruel aggression. The European Commission will leave no stone unturned to provide maximum support to Ukraine, in collaboration with Member States and other EU institutions and bodies. »
EIB experts are now assessing the needs of Ukraine’s neighboring countries and EU countries that accept refugees from Ukraine or those who have been affected by the war in other areas.
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The European Investment Bank (EIB) is the institution of long-term lending to the European Union. Its owners are member states of the European Union. The headquarters of the EIB is located in the European quarter of the Kirchberg-Plateau in Luxembourg.
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