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

Author:
Oleksandra Opanasenko
Date:

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.