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Estonia · Resolution · OE

336

Riigikogu decision "Granting a state guarantee to the European Investment Bank to support the reconstruction of Ukraine"

avaldatud riigiteatajasEstonia· Riigikogu· ET

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23 October 2023

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AVALDATUD_RIIGITEATAJAS

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20 December 2023

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Summary

The bill proposes to support the fund created by the European Investment Bank (EIB) to support Ukraine (EU4U) with a state guarantee of 10 million euros. Providing a guarantee instead of a grant allows spreading costs into the future, while standing in solidarity with other countries in supporting Ukraine. The size of the guarantee is in the same order of magnitude as the planned participation of Latvia and Lithuania in the EU4U fund. In cooperation with other EU member states, Estonia contributes to Ukraine restoring macroeconomic stability and strengthening the country's immediate resilience and recovery capacity. This will help ensure the sustainability of Ukraine's government debt and the country's ability to meet its financial obligations. Acting through the EIB is more efficient in order to achieve a sufficiently large impact and effectiveness of the aid, and it also helps to avoid increasing the administrative burden on the Ukrainian authorities. European Union budget guarantees, which also EIB activities in Ukraine has previously been supported will be exhausted by 2023. With the money collected from the created fund, the EIB can continue its activities in Ukraine, which is currently not possible for the EIB to do on its own. EU member states, the European Commission, interested countries and partners can contribute to the fund. In addition to the loan resource, the fund has planned 100 million euros for activities related to technical assistance.

Machine translation from Estonian. The official text remains authoritative.

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