Ukraine receives EIB first urgent response payment of €500 mln

Ukraine received the first tranche from the European Investment Bank for EUR 500 million of immediate aid to meet urgent needs

The EIB's statement on Twitter and the website announced this.

These funds are part of the second package of emergency solidarity measures from the EIB for 1.59 billion euros.

"Ukraine has now received the first disbursements of our €1.59bn Ukraine Solidarity Urgent Response package, prepared in close cooperation with the European Commission. 

The funds will help Ukraine address its most urgent needs," the EIB said.

"I welcome 1st EIB disbursement of its €1.59 bln package to support Ukraine, backed by EU guarantee.

It will help Ukraine to:

• address urgent needs;
• support strategic companies;
• repair road & railway infrastructure.

More payments will follow as per the EU's commitment," European Commission Vice President Valdis Dombrovskis said.

"Yesterday, 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 website says.

The €1.59 billion support package 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.

"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," Serhii Marchenko, Minister of Finance of Ukraine, commented.

The European Investment Bank (EIB) provides Ukraine with EUR 1.59 billion in EU financial aid, supported by guarantees from the EU budget.

Of these funds, EUR 1.05 billion will be provided immediately.

Read Rubryka's timeline of war: current news on Ukraine's defense against russia's aggression.