EU to launch funding mechanism for states bordering Belarus, Russia, and Ukraine

A high-level conference aimed at establishing a new financial support mechanism for European Union member states bordering Belarus, Russia and Ukraine will take place in Brussels on Thursday, February 26.

Raffaele Fitto, Executive Vice-President of the European Commission, announced the plans, according to a Brussels-based correspondent for European Pravda.

Fitto said the meeting will bring together prime ministers and ministers from EU countries that share borders with Ukraine, Russia, or Belarus, with the goal of launching an additional financing mechanism known as EastInvest. The special funding instrument is expected to be formally created on February 26.

“I thank President von der Leyen for agreeing to convene a high-level conference. Prime ministers and ministers from the interested member states will attend,” Fitto stated.

He confirmed that the conference is scheduled for Thursday, February 26, and noted that participating financial institutions will sign a declaration of intent during the event.

“During the event, participating financial institutions will sign a declaration of intent to establish the EastInvest mechanism. This announcement is not the end of the process. We will continue working with and for these regions,” the European Commission vice-president added.

Earlier, on February 18, the European Commission adopted a comprehensive strategy designed to strengthen support for eastern regions of the European Union that border Russia, Belarus, and Ukraine, as previously reported by European Pravda.

Finland and Poland had also earlier announced plans to lead efforts aimed at reinforcing the protection of NATO’s eastern flank against potential aggression from Russia.

By Tamilla Hasanova