BRUSSELS, July 25 (KUNA) -- The Board of Directors of the European Investment Bank (EIB), the lending arm of the European Union, on Monday approved EUR 1.59 billion (USD 1.62 billion) of financial support for Ukraine to address its financing gap and urgent needs. EUR 1.05 billion (USD 1.07 billion) will be made available immediately, the European Commission said in a press release, noting that thee package will provide much-needed immediate support to the Ukrainian economy.
EUR 540 million (USD 553 million) will be used to cover energy projects, roads, transport, education and infrastructure, as well as reconstruction and recovery programmes.
The exact timing of these disbursements will depend on the state of advancement of underlying projects, the statement noted.
"The European Union and its Bank remain unshakeable in our solidarity with Ukraine and its people, in its hour of need and in the longer-term support of its reconstruction," said EIB President Werner Hoyer.
On his part, Valdis Dombrovskis, European Commission Executive Vice-President, said, "This EIB support will keep strategic public sector companies financially viable and able to carry out urgent repairs of critical infrastructure, resume the provision of essential services and address other immediate needs of the Ukrainian people." The Luxembourg-based EIB is the lending arm of the European Union owned by the 27 EU member states. (end) nk.gb