European Investment Bank approves €4 billion aid for Ukrainian refugees

The fundraiser was organized by the European Commission, Canada and NGO ‘Global Citizen’

editor: REMIX NEWS
author: Mandiner
Ukrainian President Volodymyr Zelenskyy speaks during an interview with The Associated Press in his office in Kyiv, Ukraine, Saturday, April 9, 2022. Ukrainian President Volodymyr Zelenskyy says he's committed to pressing for peace despite Russian attacks on civilians that have stunned the world. (AP Photo/Evgeniy Maloletka)

The European Investment Bank (EIB) announced a €4 billion program to support EU member states hosting war refugees in Ukraine and to develop basic social infrastructure at a global fundraising event in Warsaw on Saturday.

According to the EIB’s press release reported by Hungarian news agency MTI on Saturday, the program for 2022 and 2023, which has yet to be approved by the board of directors, will help to establish key infrastructures for the provision of public services to refugees, including housing, schools, hospitals and kindergartens.

In addition to financial support, the programs will also provide advice, including free technical assistance, to help local authorities in EU member states quickly assess local needs and plan, prioritize and prepare investments.

The bank’s board of directors reportedly approved the solidarity package for Ukraine on March 22 with €668 million having already been transferred to the Ukrainian government to cover its urgent liquidity needs.

The EIB is also seeking additional funding to enable the Ukrainian government to maintain basic public services. The resources provided to Ukraine as part of a solidarity package with the European Commission are earmarked to support transport, energy, urban development and digital projects.

The bank is continuing to work with the European Commission to support Ukraine and Ukrainian refugees, in particular as part of the “social investment and skills development” component of the recently launched InvestEU program.

The fundraiser for Ukraine was convened by the European Commission, the government of Canada and an international NGO called Global Citizen to support refugees in Ukraine and internally displaced people. Russia’s aggression against Ukraine has so far forced more than 6.5 million people to flee their homes within the country, and 3.8 million have fled the country.

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