The Board of Directors of the European Investment Bank (EIB) has approved yesterday a €4 billion credit line (or programme loan) to help national authorities, cities, regions and local communities in all EU Member States address urgent investment needs and help welcome and integrate people fleeing the war against Ukraine.
The EIB credit line follows the pledge announced by EIB President Werner Hoyer on 9 April 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 for people fleeing the Russian invasion, inside Ukraine and abroad, including €4 billion from EIB and €1 billion from the European Commission.
EU Member States have been severely impacted by the influx of displaced people fleeing the invasion of Ukraine. They had to quickly ensure that refugees received shelter and assistance. The EIB 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.
EIB President Werner Hoyer said: “Since Russia’s invasion of Ukraine, more than 6 million people – mainly women, children and older people – have arrived in the EU. I am pleased that the EIB Board has approved a €4 billion credit line along with the EMBRACE Advisory Platform to help Member States to host and integrate Ukrainian war refugees. These people need, as a bare minimum, a secure roof over their heads, safety and dignity. All EU Member States can make use of this funding opportunity and bespoke advisory for projects that help refugees start a new life in their host countries. This initiative comes together with the €668 million support we gave in early March to the Government of Ukraine to cover their urgent liquidity needs; both are part of our Solidarity Package for Ukraine, which we set up together with the European Commission.”
Commission President Ursula von der Leyen said: “Europe provides a safe shelter to millions of people who have fled Russia’s invasion of Ukraine. The European Union is here to support Member States hosting refugees from Ukraine, with funding, and also with advisory services to help deploy investments rapidly and efficiently, to cover their short and medium-term needs. Our wide-ranging cooperation with the EIB is essential for delivering this tangible solidarity.”