Urgent financial aid of 2 billion euros for Ukrainian refugees in Europe
The European Union National Development Banks and Institutions and the European Investment Bank today launched the EUR 2 billion Rapid Response Initiative — Support for Ukrainian Refugees in Europe. The joint initiative aims to provide immediate assistance to refugees fleeing the war in Ukraine this year and to promote the rapid and humane integration of Ukrainian refugees in EU Member States.
Following their March 11 joint statement, five European national development banks and institutions, the European Investment Bank (EIB) and the European Association of Long-Term Investors (ELTI) launched the initiative today in Paris as a rapid response to support EU Member States hosting Ukrainian refugees. Participants in the initiative will contribute directly or indirectly through their respective mainstream programs alongside regional and local communities to provide housing for refugees and support their integration into local communities. The initiative could also fund education, health and infrastructure needs and aims for at least €2 billion in financial support this year.
The Urgent Support Initiative in Europe is a first step as the group considers new measures to help member states cope with the impact of Russia’s invasion of Ukraine.
The five national promotion institutions involved are:
- Bank Gospodarstwa Krajowego (BGK — Poland)
- Caisse des Dépôts Group (CDC — France)
- Cassa Depositi e Prestiti (CDP — Italy)
- Instituto de Crédito Oficial (ICO — Spain)
- Kreditanstalt für Wiederaufbau (KfW — Germany)
ELTI is the European association of national public development banks and financial institutions with 31 members across Europe.
The European Investment Bank 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.
Participating institutions pool their expertise, experience and financial capacity to better support the implementation of projects and initiatives promoting the integration of refugees in Europe. The Pan-European Support Initiative for Ukraine will provide loans, grants, equity investments and guarantees for eligible projects and develop innovative financing structures for public and private infrastructure, municipalities as well as private companies in different sizes.