The EIB said on Monday it had agreed to provide EUR 1.59 billion, supported by guarantees from the European Union's budget, "to help Ukraine repair the most essential damaged infrastructure and resume critically important projects addressing the urgent needs of Ukrainian people."
The bank added that the financing was being "offered at favourable terms including long tenors."
The EIB said on its website that "the Russian war in Ukraine has had a devastating impact on the country's people, infrastructure and economy" and that the new package "will provide much-needed immediate support to the Ukrainian economy."
EIB Vice-President Teresa Czerwińska, a former Polish finance minister, was quoted as saying that the package "will provide the necessary funds to cover urgent needs and ensure the operation of critical infrastructure."
She added: "We continue to keep in regular contact with Ukraine's government to help flexibly as needed. This is a question of investment in the future of Ukraine, the future of Europe and the future of the free world."
Ukraine's Finance Minister Sergii Marchenko said his country needed "strong global support and growing financial assistance" as it faced unprecedented pressure due to Russia's invasion.
"With this financial support, we will keep working on restoring damaged infrastructure, resuming the provision of municipal services, including transport services, and preparing for the coming heating season,” Marchenko declared.
The European Investment Bank is a European Union financial institution that provides long-term loans to the bloc's member states.
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Source: PAP, eib.org