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ukraine

Global employers urged to put overseas emergency plans in place

960 640 Stuart O'Brien

The current situation in Ukraine has highlighted how quickly things can escalate and the vital need for employers with overseas staff to have an emergency plan in place in case of political or civil unrest.

That’s according to Sarah Dennis, Head of International at Towergate Health & Protection said: “Employers need to be aware of the differences between security and medical evacuation plans. They must have both in place to ensure all bases are covered and they must be aware of the level of the support offered.”

Security evacuation
International medical insurance is specifically for the sick or injured. Security evacuation is different. While a political incident could result in grave physical harm or death, it is not actually a medical emergency and is unlikely to be covered by a medical emergency plan. Any region or country in which employees are working can be at risk. Terror attacks, for example, happen all around the world and often with no prior indication. With support ranging from ‘point of incident evacuation’ and ‘political or natural disaster evacuation’, to ‘security evacuation’, it is vital to take specialist advice on exactly how to offer emergency support for employees abroad.

Evacuation and repatriation
Employers and their employees abroad should be aware that evacuation is different from repatriation. With regards to medical evacuation, for example, this means that if there are no appropriate medical facilities in the employee’s current location, they will be evacuated to the nearest centre of medical excellence to undergo care. Repatriation, however, means that the employee will be transported back to their home nation for treatment. Under security evacuation, an employee may find they are taken to the nearest safe location, rather than to their home country, unless repatriation is a specific part of the support offered.

International medical insurance
International medical insurance is also crucial for any employee abroad. It must be fit for purpose, and this will be different on a case-by-case basis. If an employee falls seriously ill abroad, it is imperative that they are fully covered for all eventualities. Travel insurance is for short holidays and is not to the level required by someone working overseas.

Local expertise
Local knowledge can form an important part of the decision-making process when sending employees abroad. Guidance from experts in country can provide an insight into the situation into which staff are being sent. They will be able to give guidance on the risks associated with an area, and help employers to make informed decisions on what support is required.

Dennis added: “Support for employees abroad is not something that a company can take short cuts on, neither is it something that should be undertaken without advice. It is a very specialist area. Hopefully, employees and their employers will never have to rely on evacuation or repatriation services, whether for medical or security reasons. It is vital, however, that both are in place in case it is needed, and that the extent of the support is fully understood.”

EIB approves Strategic European Security Initiative

960 640 Stuart O'Brien

The Board of Directors of the European Investment Bank (EIB) agreed to scale up financing for European security and defence innovation and approved EUR 543 million business and clean energy investment.

Specifically, the EIB is delivering rapid financial support to Ukraine to assist with urgent financing needs. In addition, the Board of Directors approved today the new EIB Strategic European Security Initiative to continue investment in the European dual-use technologies and civilian security infrastructure.

To strengthen energy security and make Europe less dependent on fossil fuels, the EIB will work closely with the European Commission and EU member states to accelerate financing for renewables, energy efficiency and electricity networks.

It has also agreed new high-impact financing to help business to expand and increase clean energy use.

President Hoyer confirmed that the first two disbursements, totalling €129 million of the EIB’s Ukraine Solidarity Urgent Response had already taken place, with further disbursements scheduled for the coming days.

The regular March EIB Board meeting followed an extraordinary meeting, convened last Friday, that approved €668 million of immediate financial support to Ukraine.

This initial support package is helping the Ukrainian authorities to meet most urgent financial needs by speeding up the disbursement under two loans originally granted to support SMEs and the agricultural sector in Ukraine.

The EIB’s rapid support for the war-torn country benefits from the EU guarantee under the External Lending Mandate and complements other initiatives announced by EU institutions.

The EIB board also approved a new EIB Strategic European Security Initiative (SESI) to strengthen European security and defence by mobilising investment in research, development and innovation (RDI), civilian security infrastructure, and cutting-edge technology projects.

Under the Strategic European Security Initiative EIB expects to approve €6 billion of new financing for such projects over the next 6 years.

The EIB’s Strategic European Security Initiative reflects new security challenges facing the European Union with cybersecurity and disruptive emerging technologies such as new space, artificial intelligence, or quantum technologies creating new vulnerabilities and threats. It will not change what is eligible for EIB financing or modify the definition of its excluded sectors. The EIB will not invest in weaponry and the EIB cannot finance investments in core defence.

The EIB also intends to further strengthen institutional cooperation with the European Commission (DG DEFIS), the EU Agency for the Space Programme (EUSPA) and the European Defence Agency.

The EIB has also agreed to €543 million of new financing to support business financing in Italy, corporate innovation and expansion of the Fira de Barcelona exhibition centre, alongside clean energy investment.

Among these projects are €53 million financing for a new solar powered large scale green hydrogen plant in Spain that will provide a clean energy alternative for energy intensive industrial production.

Finally, President Hoyer also confirmed that following signatures of agreements with the European Commission the EIB and EIF would support new investment in sustainable infrastructure; research, innovation and digitisation; small and medium-sized businesses; and social investment and skills across the European Union under the new InvestEU programme.

The EIB’s advisory teams will also support market development, skills and project level advisory services under InvestEU.

InvestEU will accelerate Europe’s post-pandemic recovery and green and digital transitions, and and builds on the success of the European Fund for Strategic Investments.