08 July 2022

€50 MILLION LOAN TO UKRAINIAN RAILWAYS

On 5 July, Executive Vice-President for an Economy that Works for People, Valdis Dombrovskis signed an agreement on behalf of the EU, allowing the European Bank for Reconstruction and Development (EBRD) to provide working capital loans to Ukrainian Railways and Farmak, amounting, respectively, to €50 million and €20 million. This forms part of the Commission's ongoing support to international financial institutions enabling them to finance companies providing essential services in Ukraine.

The Executive Vice-President said: “The EU stands besides the Ukrainian Government and the Ukrainian people in their fight against Russia's unjustified aggression. Thanks to our guarantee, we allow the EBRD to provide much-needed liquidity to the Ukrainian Railway company and Ukraine's main pharmaceutical manufacturer. This support is critical to ensure that Ukrainians continue to have access to vital services at a time of war.”  The signature took place at the Ukraine Recovery Conference (URC2022), jointly held in Lugano by Switzerland and Ukraine. The conference brought together allies and supporters of Ukraine to discuss the country's reconstruction and investment needs. The speech he delivered on behalf of the EU can be found here.

Source: European Commission