Ukraine gets EUR 50M loan from EIB to buy COVID-19 vaccines

11.12.2021 13:30

Ukraine has received from the European Investment Bank EUR 50 million to procure vaccines against COVID-19.

That’s according to the Ministry of Health of Ukraine, Ukrinform reports.

“On 10 December 2021, the European Investment Bank (EIB), the bank of the EU, disbursed EUR 50 million to Ukraine to finance the purchase of much-needed COVID-19 vaccines. These funds will help the Ministry of Health purchase COVID-19 vaccines covering a significant amount of those needed for Ukraine’s national vaccination plan for 2022,” the statement says.

The operation is part of the overall response to the COVID-19 crisis provided by Team Europe.

As reported, this is about a repurposed part of an existing EUR 400 million “Ukraine Municipal Infrastructure Programme” (UMIP) Finance Contract signed between the EIB and Ukraine in 2015. EIB allocated EUR 50 million under this Finance Contract specifically for COVID-19. The agreement for the EUR 50 million loan repurposing was ratified by Ukraine in October 2021.

“As one of the main financial partners of Ukraine and part of Team Europe, we are glad to support the efforts of the Government of Ukraine to combat COVID-19. To allocate funds quickly, we have been able to amend an already approved existing loan. The EUR 50 million repurposed for this objective will be used to swiftly procure vaccines,” said Jean-Erik de Zagon, Head of the EIB Resident Representation for Ukraine said

In turn, Head of the EU Delegation to Ukraine, Matti Maasikas, said: “The loan provided by the EIB is very important for Ukraine’s swift response to the pandemic and post-COVID recovery.”

“The support for vaccine purchases, on top of already mobilized EU COVID assistance, will help speed up the vaccination process in Ukraine. We believe that this action will significantly contribute to the protection of the Ukrainian population, reduce the burden shouldered by medical workers and hospitals, as well as foster future resilience in the country’s health system,” the Ambassador said.