The EIB said in a statement on Thursday that it and "the ministers of 16 EU countries signed expressions of intent for the EIB EU for Ukraine Fund in support of Ukraine’s agenda for recovery and reconstruction."
Announced in the spring as a part of a larger EU for Ukraine initiative, "the EIB’s EU4U Fund will help rapidly scale up support for Ukraine’s most urgent infrastructure needs and sustain the economy," according to the bank.
"The member countries announcing their intention to contribute to the Fund include France (EUR 100 million), Ireland (EUR 7 million), Italy (EUR 100 million, announced in April), Latvia (EUR 7 million), Lithuania (EUR 10 million), Luxembourg (EUR 1.3 million), Poland (EUR 25 million), Slovakia (EUR 5 million), Spain (up to EUR 70 million) and the Netherlands (EUR 52 million)," the statement said.
"In addition, a number of member states confirmed their support and their intention to contribute to the Fund with the amounts to be finalised. These include Belgium, Croatia, Cyprus, Denmark, Estonia and Greece."
The size of the fund is expected to grow further with future commitments, the EIB also said.
It added that the fund "will facilitate deployment of both public and private sector projects, with the main focus on municipal infrastructure such as schools and hospitals, transport networks, water and wastewater treatment facilities, digital and cybersecurity capability, and improved access to finance for Ukrainian entrepreneurs."
EIB President Werner Hoyer said: “Given the sheer scale of needs in Ukraine, the international community has a financial imperative to provide additional support for immediate needs and reconstruction.”
EIB Vice-President Teresa Czerwińska, who is responsible for operations in Ukraine, said: “Since the beginning of Russia’s war, we have moved fast to support Ukraine, and we are not slowing down. The EU for Ukraine Fund will enable us to sustain and intensify our support for Ukraine in advance of the establishment of additional longer-term EU measures. We cannot wait until after the war to help Ukraine reconstruct its infrastructure and relaunch its economy. This has to happen now.”
Poland's Finance Minister Magdalena Rzeczkowska said: “The European Investment Bank actively supported Ukraine before the war and continues its involvement after Russia's aggression. Its financing significantly helped to keep the state and critical infrastructure functioning. The establishment of the EU4U Fund, with contributions from member states, including Poland, will allow to continue this support until new funds are allocated for the EIB under the EU budget.”
Ukrainian Prime Minister Denys Shmyhal said: “Ukraine urgently needs international support in financing a rapid recovery. In particular, we have identified energy, housing, critical social infrastructure and the private sector as priorities. We count on the support of the EIB and its shareholders, the EU Member States, in restoring critical infrastructure. We are grateful to our partners for their quick and timely assistance during the war.”
The European Investment Bank is a European Union financial institution that provides long-term loans to the bloc's member states.
Russia invaded Ukraine on February 24, 2022, launching the largest military campaign in Europe since World War II.
Friday is day 506 of Russia’s war on Ukraine.
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Source: PAP, eib.org
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