The European Parliament approved a €50 billion aid package for Ukraine

The European Parliament approved the provision of a €50 billion aid package to Ukraine as part of the Ukraine Facility program. Ukraine will receive these funds during 2024-2027.

This was reported by the press service of the European Parliament. 536 MEPs voted for, 40 opposed, 39 abstained.

Ukraine Facility is divided into three key components:

• direct support of the state budget — €38.27 billion, of which €33 billion will come in the form of loans and €5.27 billion — in the form of grants;
• a special investment instrument to cover risks in priority sectors — €6.97 billion;
• technical support in the implementation of reforms, as well as covering interest on loans, including previously received ones — €4.76 billion.

The Ukrainian government expects to receive the first payment under the Ukraine Facility program in March 2024. The first tranche will amount to €4.5 billion.

For its part, in order to receive funds from this package, Ukraine must support and respect effective democratic mechanisms, including the multi-party parliamentary system and the rule of law, as well as guarantee respect for human rights, including those of national minorities.

• On February 1, the leaders of the EU member states unanimously agreed to provide financial support to Ukraine in the amount of €50 billion. €17 billion is direct financial aid to Ukraine, and the rest are loans that Kyiv will receive over the next four years.
• At the beginning of February, the European Parliament and the Council of the EU preliminarily agreed on a new financial support mechanism for Ukraine, which concerns a €50 billion package.