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The European Investment Bank gives Ukraine 500 million euros

2022-09-15 17:42:27, Kosova & Bota CNA
The European Investment Bank gives Ukraine 500 million euros
European Investment Bank (EIB)

The European Investment Bank (EIB), the European Union's lending arm, said it has disbursed 500 million euros to Ukraine as part of an emergency solidarity response package for the country.

The EIB said in a statement on September 15 that the funds are part of a €1.59 billion package for Ukraine, which has guarantees from the EU budget.

These funds are intended to help Ukraine cover priority short-term financing needs and provide urgent repairs to damaged roads, bridges and railway infrastructure, the statement said.

Ukraine's Finance Minister Sergii Marchenko said the funds are "important" for the country's economic stability amid the war, which is now in its seventh month.

The cost of rebuilding Ukraine after Russia's invasion could reach $750 billion, Ukrainian Prime Minister Denys Shmygal said in July.

In the same month, the president of the European Commission, Ursula von der Leyen, said that the European Union will create a platform to coordinate the reconstruction of Ukraine.

"Since the beginning of the war, the European Union has mobilized around 6.2 billion euros (6.48 billion dollars) in financial support," she declared. "And... more will come. We will be substantially engaged in medium- and long-term reconstruction."

The Russian invasion of Ukraine started on February 24./ REL





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