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EIB prepares 2 billion euro emergency support package for Ukraine

© Reuters. FILE PHOTO: Flags are seen behind the logo of the European Investment Bank pictured in the city of Luxembourg, Luxembourg, March 25, 2017. Reuters/Eric Vidal

BRUSSELS (Reuters) – The European Investment Bank will formalise on Friday a 2 billion euro support package for Ukraine, of which 700 million euros will be in immediate liquidity support and 1.3 billion for critical infrastructure needs, the EIB said on Wednesday.

“An extraordinary board meeting on Friday morning will discuss and finalise this,” EIB head Werner Hoyer said.

He said the liquidity support from the “Solidarity Package for Ukraine” would come through redirecting existing credit lines and after Friday the money will be on bank accounts in Ukraine within 3 days.

The 1.3 billion euros will be to cover transport, energy, urban development and digital projects.

“This can be done very quickly, as soon as the Ukrainian authorities are in a position to sign-off on amendments to existing contracts,” Hoyer said.

“We will help rebuild whatever the Russian army knocks down and help put in place the new critical economic and social infrastructure needed,” he said.

Hoyer said the EIB, which is owned by EU governments, will start thinking about support measures for regions particularly hard hit by the Ukraine war also inside the EU.

“There could be a real risk of economic divergence otherwise, a divergence that central banks may not be able to cushion because of the risk of rising inflation,” he said.

EIB prepares 2 billion euro emergency support package for Ukraine

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