€2 billion urgent financial support for Ukrainian refugees in Europe
The European Union’s national promotional banks and institutions and the European Investment Bank have today launched the €2 billion Quick Response — Care for Ukrainian Refugees in Europe initiative. The joint initiative aims to provide immediate relief this year for refugees fleeing the war in Ukraine and promote the rapid and humane integration of Ukrainian refugees in EU Member States.
Following their joint statement of 11 March, five European national promotional banks and institutions, the European Investment Bank (EIB) and the European Association of Long-Term Investors (ELTI) launched the initiative today in Paris as a quick response to support EU Member States hosting Ukrainian refugees. The participants in the initiative will contribute directly or indirectly through their respective general programmes along with regional and local communities to provide housing for refugees and support their integration into local communities. The initiative could also finance education, healthcare and infrastructure needs and has a target of at least €2 billion of financial support this year.
The urgent support initiative in Europe is a first step as the group considers further measures to help Member States deal with the impact of the Russian invasion of Ukraine.
The five national promotional institutions involved are:
- Bank Gospodarstwa Krajowego (BGK — Poland)
- Groupe Caisse des Dépôts (CDC — France)
- Cassa Depositi e Prestiti (CDP — Italy)
- Instituto de Crédito Oficial (ICO — Spain)
- Kreditanstalt für Wiederaufbau (KfW — Germany)
ELTI is the European association of public national promotional banks and financial institutions gathering 31 members all over Europe.
The European Investment Bank is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.
The participating institutions are bringing together their expertise, experience and financial capacity to better support the implementation of projects and initiatives promoting refugees’ integration in Europe. The pan-European support initiative for Ukraine will provide loans, grants, equity investment and guarantees for eligible projects and develop innovative financing structures for public and private infrastructure, municipalities as well as private enterprises of different sizes.
The European Investment Bank (EIB) is the lending arm of the European Union. The EIB works closely with EU Member States, national promotional banks and institutions, EU institutions, international financial institutions, the private sector and other partners to foster European integration, promote the development of the European Union and support EU policies in over 160 countries around the world. The EIB’s activities focus on climate and the environment, development, innovation and skills, small and medium-sized businesses, infrastructure and cohesion. www.eib.org
Bank Gospodarstwa Krajowego (BGK) is a state development bank whose mission is to support the social and economic development of Poland and the public sector. BGK is a financial partner for strategic investment projects and stimulates entrepreneurship. www.bgk.pl
Caisse des Dépôts (CDC) and its subsidiaries form a public long-term investor group serving the general interest and economic development of local areas. It combines five areas of expertise: pensions and professional training, asset management, monitoring subsidiaries and strategic shareholdings, business financing (with Bpifrance) and Banque des Territoires. www.caissedesdepots.fr/en
Cassa Depositi e Prestiti (CDP) is Italy’s national promotional institute that has been supporting the country’s economy since 1850. Its main goal is to accelerate the industrial and infrastructural development of Italy to boost the country’s economic and social growth. CDP focuses its activities on sustainable development at a local level, supporting the innovation and growth of Italian enterprises at home and in the international arena. It partners with local authorities in a financing and advisory capacity to create infrastructure and improve public services. CDP also participates actively in international cooperation initiatives for projects in developing countries and emerging markets. www.cdp.it
Instituto de Crédito Oficial (ICO) is a corporate state-owned entity attached to the Spanish government’s Ministry of Economic Affairs and Digital Transformation. ICO has become a point of reference in the financing of both small and medium-sized enterprises and large-scale investment projects. ICO contributes to sustainable growth, promoting those economic activities which, due to their social, cultural, innovative or environmental significance, are worthy of promotion and development. www.ico.es
Kreditanstalt für Wiederaufbau (KfW) is one of the world’s leading promotional banks. Since 1948, KfW has been committed to improving economic, social and environmental living conditions all around the world on behalf of the Federal Republic of Germany and the federal states. www.kfw.de
Members of the European Association of Long-Term Investors (ELTI) a.i.s.b.l. represent a Europe-wide network of national promotional banks and institutions that offer financial solutions tailored to the specific needs of their respective country and economy. Multilateral financial institutions complement the activities at national level with specific cross-border solutions or investments with a European impact. The 31 ELTI members are major long-term investors and represent a combined balance sheet of €2.4 trillion. www.eltia.eu