the Board of Directors of the European Investment Bank (EIB) at an extraordinary meeting convened on March 4 approved immediate EUR 668 million financial support for Ukraine.

"This initial support package for the war-torn country benefits from the EU guarantee under the External Lending Mandate and complements other initiatives announced by EU institutions. It will help the Ukrainian authorities to meet most urgent financial needs, including buying food, medical supply and fuel for its citizens," the EIB said in a statement.

According to the bank, the immediate support will be available in a matter of days. The EIB will disburse funds available under two EIB loans that were originally granted to support SMEs and the agricultural sector in Ukraine.

"In the face of Russia's shocking military aggression, I am moved by the determination, bravery and grit of the Ukrainian people. We are determined to do everything we can to support Ukraine and concretely demonstrate European solidarity with the country," Werner Hoyer, President of the European Investment Bank, said.

According to him, in addition, the bank is looking at ways to accelerate the delivery of an additional EUR 1.3 billion of investment. "As soon as conditions allow we will help rebuild what the invasion destroyed in Ukraine. We will also step in to help all affected countries, whether within the EU or in its neighbourhood, to cope with the arrival of refugees from Ukraine and with the economic damage brought by this terrible war," he added.

The bank said that the board unanimously expressed its horror and condemnation of Russia's brutal, illegal and unjustified aggression against Ukraine, and this financial support is part of EIB Ukraine Solidarity Urgent Response.

In addition, the Board agreed that the EIB should pursue further initiatives under the emergency Solidarity Package for Ukraine. Among them, in particular, Financing critical infrastructure needs in Ukraine by repurposing infrastructure project commitments to meet immediate investment and reconstruction needs. "This money can be available very quickly, as soon as Ukrainian authorities are in a position to sign off on amendments to existing contracts," the financial institution said.

Another initiative would be Helping to rebuild whatever the Russian army destroys by financing new critical economic and social infrastructure needed as soon as a free and independent Ukraine is re-established after the war. For this the EIB will use its experience with the Ukraine Early Recovery Program that had supported, after the Russian aggression of 2014, the reconstruction of 238 municipal and social infrastructure projects like schools and kindergartens, hospitals and social housing.

In addition, EIB experts are currently assessing the needs of countries in Ukraine’s neighbourhood and within the EU that are welcoming refugees from Ukraine or are affected by the war in other ways, the bank said.

The European Investment Bank (EIB) is the European Union's long-term lending institution. Its owners are the member states of the European Union.