The European Investment Bank’s (EIB) board of directors approved on May 18 a four billion euro credit line (or programme loan) to help national authorities, cities, regions and local communities in all EU countries address urgent investment needs and help welcome and integrate people fleeing the war against Ukraine, the EIB said.
The EIB credit line follows the pledge announced by EIB president Werner Hoyer on April 9 2022 in Warsaw at “Stand Up for Ukraine”, a global pledging campaign for Ukraine and its refugees.
In total, the “Stand Up for Ukraine” global pledging event and campaign organised by the European Commission and Canada in partnership with Global Citizen, raised 9.1 billion euro for people fleeing the Russian invasion, inside Ukraine and abroad, including four billion euro from EIB and a billion euro from the European Commission, the EIB statement said.
EU member states have been severely impacted by the influx of displaced people fleeing Russia’s invasion of Ukraine.
They had to quickly ensure that refugees received shelter and assistance, the statement said.
The EIB said that its credit line will help to provide this support by making financing available to the development of key infrastructure and services for refugees and host communities, such as housing, schools, hospitals and access to jobs.
The EIB financing can also cover eligible operational expenditures related to the supply of equipment, facilities and services for the integration of war refugees.
This financial package will be complemented by EIB advisory support thanks to the EMBRACE Advisory Platform, a new initiative by the EIB and the European Commission.
Through EMBRACE, EU member states can receive targeted advisory assistance to rapidly deploy investments, projects and instruments that support their communities.
Managed by the EIB and building on the InvestEU Advisory Hub, JASPERS and fi-compass initiatives, the EMBRACE platform will offer advisory services targeting public sector project promoters, such as national authorities, cities, regional administrations, managing authorities responsible for EU funds, national promotional banks and other financial institutions, the EIB said.
Separately, the UN refugee agency said that as of May 17, more than 6.3 million people had fled Ukraine since the February 24 start of Russia’s current war on Ukraine.
The three EU countries that have received the largest numbers are Poland, more than 3.3 million, Romania, more than 930 000, and Hungary, more than 615 000.
(Photo, of refugees entering Poland from Ukraine at the Medyka border crossing point in March: UNHCR/Chris Melzer)
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