On Friday, December 10, the European Investment Bank (EIB) allocated EUR 50 million of loans to Ukraine, which will be used to finance coronavirus (COVID-19) vaccination program in the country, in particular, to purchase a sufficient amount of vaccines against COVID-19.

According to the EU Delegation to Ukraine press service on Friday, the loan will support the health system and increase Ukraine's viability in the fight against COVID-19 pandemic.

"This financial transaction is part of Team Europe's overall initiative to respond to the challenges of the COVID-19 pandemic," the EU Delegation to Ukraine said in a statement.

It clarifies that in order to make vaccines more affordable for Ukrainians and strengthen the country's ability to respond to the COVID-19 crisis and overcome its devastating consequences, the EIB has repurposed part of the funds of the current financial agreement.

"This is the Ukraine Municipal Infrastructure Programme (UMIP), signed between the EIB and Ukraine in 2015 in the amount of EUR 400 million. The EIB has allocated EUR 50 million under this agreement to finance the COVID-19 response. The agreement on the repurposing of the EUR 50 million loan was ratified by Ukraine in October 2021," the office said.

According to Head of the EIB Resident Representation in Ukraine Jean-Erik de Zagon, the EIB is pleased to support the efforts of the Ukrainian government in the fight against COVID-19.

The banker said that to raise funds more quickly, the EIB managed to amend the already approved and existing loan. EUR 50 million repurposed for this aim will be used for the prompt procurement of vaccines. This is a necessary step to tackle the health and economic challenges of COVID-19, and to ensure a better future.

It is noted that the procurement of vaccines against COVID-19 for funds provided by the EIB will be conducted by Crown Agents, previously approved by the Ukrainian government.