EIB announces €600m Ukraine energy rescue plan
The European Investment Bank (EIB) President Nadia Calviño unveiled on Tuesday the Ukraine Energy Rescue Plan, a comprehensive initiative designed to support Ukraine’s heavily damaged energy infrastructure in the face of Russia’s ongoing war.
The plan includes up to €600 million in EU-backed financing for essential energy projects in Ukraine to address urgent heating and power needs during wartime and promote green energy initiatives for rebuilding Ukraine’s energy infrastructure.
This funding will be guaranteed under the European Union’s Ukraine Facility and partially supported by the EIB’s EU for Ukraine Fund and Advisory Programme, as per a statement published by the EIB.
It will play a vital role in restoring and strengthening Ukraine’s energy infrastructure while aligning it with EU standards, thereby accelerating the country’s integration into the European Union.
The initial focus of the plan will be on financing projects that generate electricity and heat using equipment that can be rapidly deployed to address the urgent needs of households and businesses.
The plan prioritises protecting key electricity substations with shelters to prevent disruptions to critical services like hospitals, schools, and water supplies. It aims to restore electricity and heating supplies to ensure uninterrupted functioning of households, businesses, and public services.
Attribution: EIB
Subediting: Y.Yasser
