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EU Grants Ukraine Additional €9 Billion Loan

EU grants Ukraine additional €9 billion loan

European Commission President Ursula von der Leyen has proposed to provide Ukraine with another €9 billion ($9.5 billion) in loans until the end of 2022.

“We will continue to be by their side throughout this war and when they will rebuild their country,” Mrs von der Leyen said in a speech in Brussels on Wednesday.

According to the commission, since Russia invaded Ukraine, the European Union has issued €4.1 billion in funding to support the country’s economy and society and provide humanitarian assistance.

Additionally, member states had approved around €2 billion to finance weapons and military equipment for Ukraine.

The 27 EU member states and the European Parliament had to agree to the proposed loan intended to cover, among other things, public expenses.

According to the International Monetary Fund (IMF), Ukraine requires around $5 billion a month over the next two to three months to run the government and important state institutions.

Meanwhile, Mrs Von der Leyen also reaffirmed the EU’s support for Ukraine’s economic recovery once the war ends.

“The European Union has a responsibility and a strategic interest in leading this reconstruction effort,” Mrs von der Leyen said.

She stressed that investments in the reconstruction of Ukraine should bring the country closer to the EU.

Earlier on Wednesday, the commission presented several options on how funds for the reconstruction of Ukraine could be made available within the EU.

(dpa/NAN)

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