EU, EIB to provide new 100-mln-euro loans for Ukraine

BRUSSELS, June 13 (KUNA) -- The European Commission Tuesday announced that it has reached an agreement with the European Investment Bank (EIB) to provide 100 million euro (USD 108 million) of new loans to Ukraine.

This will be made under an EU guarantee for fast recovery, such as for municipal or energy infrastructure repairs, European Commission President Ursula von der Leyen said in a statement.
"The EU is stepping up support to address Ukraine's fast recovery needs. In addition to our 1 billion euro (USD 1.08 billion) for fast recovery to support critical sectors, the agreed EU guarantee allows EIB to lend to Ukraine an additional 100 million euro on very favourable terms," she added.
On his part, EIB President Werner Hoyer said, "The guarantee will enable us to provide 100 million euro of long-term financing and will enhance the impact of our Initiative, which we are implementing with a strong pipeline of projects also under the EU4Ukraine Fund and technical assistance." The EU and the EIB have provided substantial financing for the modernization of Ukraine and relief support since the start of Russia's war, said a European Commission press release.
Overall, the EU has made available 70 billion euro (USD 75 billion) in support for Ukraine with this latest agreement for 2.4 billion euro (USD 2.6 billion) of EIB financing to Ukraine, backed by an EU guarantee, it noted.
EIB based in Luxembourg is the EU's bank and is owned by the 27 EU Member States. Its role is to fund projects that promote the aims of the 27-member bloc. (end) nk.mt.