The European Commission will strengthen credit support for EU Member States bordering Russia, Belarus and Ukraine
On February 26, the European Commission will present a new initiative that should facilitate access to credit support for EU member states that have been most affected by the war in Ukraine, the European Commission website reports. This is stated in a statement on the European Commission website.
The EastInvest Facility initiative will become a key element of the strategy for the eastern regions of the EU bordering Russia, Belarus and Ukraine. Its aim is to help regions cope with the challenges caused by Russia’s war against Ukraine.
EastInvest will create a dedicated financing platform bringing together the European Investment Bank, the European Bank for Reconstruction and Development, the Nordic Investment Bank, the Council of Europe Development Bank and the national banks of nine member states: Finland, Estonia, Latvia, Lithuania, Poland, Slovakia, Hungary, Romania and Bulgaria.
The facility will provide private and public project promoters in these regions with access to loans and advisory support, contributing to economic development, trade and security.
The four participating financial institutions estimate that EastInvest can provide at least 28 billion euro of investment in the eastern regions of the EU.
The mechanism will be launched at a high level in Brussels with the participation of EC President Ursula von der Leyen and Executive Vice-President Rafael Fitto, where the EIB and other banks will sign a declaration of intent.
