EIB funds to help rebuild Ukraine

Banking

The European Investment Bank has said it will provide funds to Ukraine to help it repair critical infrastructure damaged during Russia's invasion.

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 favorable terms including long tenors."

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."

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