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EIB, with EU guarantee, ready to accelerate issue of up to EUR1.5 bln to Ukraine

KYIV. May 5 (Interfax-Ukraine) – The European Investment Bank (EIB), with EU guarantees, could accelerate the disbursement of up to EUR1.5 billion from existing programs to Ukraine as part of its urgent solidarity package to meet some of its most urgent needs, bank president Werner Hoyer said.

"The EIB is also well positioned to take on an important role in the financial management of the solidarity fund proposed by the EU, under the leadership of the European Commission, if asked to do so," he said at the High-Level International Donor’s Conference for Ukraine in Warsaw on Thursday.

Hoyer noted the EIB’s experience with the recovery program for eastern Ukraine following the 2014 crisis, adding that, unfortunately, many of the buildings the bank has invested in, like countless others across Ukraine, have been damaged, destroyed or come under Russian control.

"But we have rebuilt before and together with all of you, in solidarity with Ukraine, we will build again, creating conditions for a better future," the head of the EIB stressed.

He recalled that the bank was able to quickly direct almost EUR700 million to the Ukrainian government for urgent liquidity needs just a few weeks after the Russian invasion, as well as approve a EUR4 billion support package for the countries hosting Ukrainian refugees.

"I am here because, in addition to immediate humanitarian assistance… there is an urgent need to restore critical infrastructure as quickly as possible to help Ukraine, its economy and its people remain resilient while defending against Russian aggression. Maintenance of basic transport communications, provision of temporary housing for internally displaced persons, urgent repairs of public buildings, including schools and hospitals – all this requires urgent investments," Hoyer explained.

The head of the EIB also noted the need to begin the planning stage for a nationwide reconstruction now, even if it can only be carried out after the end of the war.