EIB Board of Directors approves €4 billion credit line and EMBRACE advisory platform to support the integration of Ukrainian refugees in EU countries – World
The €4 billion credit line aims to support EU Member States hosting people fleeing Russia’s unwarranted invasion of Ukraine and to develop vital public infrastructure for refugees and communities in welcome.
Board approval follows EIB engagement at global fundraising event ‘Stand Up for Ukraine’
The credit line will be complemented by the EMBRACE advisory platform, supported by the InvestEU advisory platform, the JASPERS and fi-compass initiatives, and which will help EU Member States to better meet infrastructure needs.
The operations are part of the EIB’s solidarity package for Ukraine prepared in cooperation with the European Commission.
The Board of Directors of the European Investment Bank (EIB) yesterday approved a €4 billion line of credit (or program loan) to help national authorities, cities, regions and local authorities in all EU Member States to meet urgent investment needs and help to welcome and integrate people fleeing the war against Ukraine.
The EIB credit line follows the commitment announced by EIB President Werner Hoyer on 9 April 2022 in Warsaw during “Stand Up for Ukraine”, a global commitment campaign in favor of Ukraine and its refugees. In total, the Stand Up for Ukraine global fundraising event and campaign, organized by the European Commission and Canada in partnership with Global Citizen, raised €9.1 billion for people fleeing the Russian invasion, in Ukraine and abroad, including 4 billion euros from the EIB. and €1 billion from the European Commission.
EU Member States have been hit hard by the influx of displaced people fleeing the invasion of Ukraine. They had to quickly ensure that the refugees received shelter and assistance. The EIB line of credit will help provide this support by making finance available for the development of essential infrastructure and services for refugees and host communities, such as housing, schools, hospitals and access to employment. EIB financing may also cover eligible operational expenditure related to the provision of equipment, facilities and services for the integration of war refugees.
This financial envelope will be complemented by advisory support from the EIB through the EMBRACE advisory platform, a new initiative of 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 platform, the 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, promotional banks and other financial institutions.
Commission President Ursula von der Leyen said: “Europe offers safe haven to millions of people who fled the Russian invasion of Ukraine. The European Union is there to support Member States hosting refugees from Ukraine, with funding, but also with advisory services to help deploy investments quickly and efficiently, to cover their short and medium term needs. . Our extensive cooperation with the EIB is essential to make this tangible solidarity a reality.
EIB President Werner Hoyer said: “Since Russia’s invasion of Ukraine, more than 6 million people – mainly women, children and the elderly – have arrived in the EU. I am pleased that the EIB Board has approved a EUR 4 billion credit line and the EMBRACE advisory platform to help Member States welcome and integrate Ukrainian war refugees. These people need, at a minimum, a safe roof over their heads, security and dignity. All EU Member States can take advantage of this opportunity for tailor-made funding and advice for projects that help refugees start a new life in their host country. This initiative is accompanied by the support of 668 million euros that we granted at the beginning of March to the Ukrainian government to cover its urgent liquidity needs; both are part of our solidarity package for Ukraine, which we have put together with the European Commission.”
The European Investment Bank (EIB) is the European Union’s long-term lending institution owned by its member states. It makes long-term finance available for sound investments to help achieve EU policy objectives. More information on EIB activities and initiatives in support of Ukraine can be found on our EIB stands with Ukraine page.
The EU provides constant support to Member States to meet the needs of those fleeing the invasion of Ukraine. It offers border assistance, reception and civil protection. It helps Member States to ensure access to education, healthcare, housing and employment for people arriving from Ukraine. More information on EU support to Member States to meet the needs of people fleeing the invasion of Ukraine can be found on the EU Solidarity with Ukraine website.