European Investment Bank providing $1.6B to Ukraine

Financial support aims to address war-battered Ukraine's infrastructure financing gap, urgent needs, and strengthen its resilience and maintain economic stability

By Tuba Sahin

ANKARA (AA) - The European Investment Bank (EIB) is providing €1.59 billion ($1.63 billion) in financial support for Ukraine to address the country's infrastructure financing gap and urgent needs and to strengthen the country’s resilience and maintain economic stability amid the Russian war.

Supported by guarantees from the EU budget, the financing will help Ukraine repair the most essential damaged infrastructure and resume critically important projects addressing the urgent needs of Ukrainian people, the bank said in a statement on Monday.

While €1.05 billion will be made available immediately, some €540 million will be used for resuming implementation of EIB-financed projects in Ukraine.

This is the second package of support for Ukraine under the EIB Ukraine solidarity urgent response developed in cooperation with the European Commission.

It follows an emergency support package of €668 million fully disbursed in early March, soon after the war began on Feb. 24.

Like the first one, this new financing is offered at favorable terms, including long tenors.

Kaynak: