Belgium, (Brussels Morning Newspaper) The European Investment Bank (EIB) approved 4 billion euro for integration of Ukrainian refugees in the bloc.
The bank pledged to provide the aid in April at the Stand Up for Ukraine event organised by Canada and the European Commission to support Ukraine and its citizens fleeing the war.
The money will be provided in the form of loans to EU member states and local authorities for investments in infrastructure needed to provide aid to Ukrainian refugees, the EC pointed out in a statement on Thursday.
The Commission pointed out that EU member states are providing Ukrainian refugees with shelter and aid, noting that the approved aid programme will help them to finance required investments in infrastructure.
The body added that EU institutions will complement this financial support with advisory support through the new initiative EMBRACE.
EC President Ursula von der Leyen pointed out that EU member states are providing shelter to millions of Ukrainians who fled the war and added that the Commission is helping national authorities by providing funding and advisory services.
“Our wide-ranging cooperation with the EIB is essential for delivering this tangible solidarity,” she pointed out.
Over 6 million refugees in EU
EIB President Werner Hoyer noted that “more than 6 million people – mainly women, children and older people – have arrived in the EU” since the start of the war in Ukraine.
He pointed out that the approved credit line will help member states to provide for and integrate Ukrainian refugees they are hosting.
“These people need, as a bare minimum, a secure roof over their heads, safety and dignity,” he stressed and added “all EU member states can make use of this funding opportunity and bespoke advisory for projects that help refugees start a new life in their host countries.”
He added that the programme loan comes on top of 668 million euro that the EIB approved in March to help the Ukrainian government cover its solvency needs.
The EC noted that the EIB is owned by EU member states and “makes long-term finance available for sound investment in order to contribute towards EU policy goals.”
The body concluded that it will continue to provide member states with aid to deal with the influx of refugees.