EU to Provide Ukraine with €18 Billion in Aid by 2023

European Union and Ukraine sign loan agreement of Euros 18 billion to provide budget assistance

The European Commission (EC) Executive Vice President for Economic Affairs Valdis Dombrovskis and the Finance Minister Sergii Marchenko, who represented the Ukrainian government, along with the Governor of the National Bank of Ukraine, signed the Memorandum of Understanding.

Through his Twitter profile, Dombrovskis expressed honour in signing the Memorandum on behalf of the EU to provide Ukraine with loans worth 18,000 million euros throughout the year. He further mentioned that the first payment of 3,000 million euros will take place this week and help Ukraine to cover its urgent requirements with a stable flow of payments all through the year.

In addition to Dombrovskis, Marchenko echoed the same support through a tweet in which he confirmed that the first tranche of 3,000 million euros is expected this week, thanked EU for offering predictable and timely assistance, and mentioned that it’ll help cover urgent budgetary needs in 2023.

The EU agreed in December 2020 to grant macro-financial assistance to Ukraine, raising 18,000 million euros in debt issues with the guarantee of the community budget, and subsequently transferring it to Kyiv as long-term loans with favorable conditions.

President of the European Commission, Ursula von der Leyen, had in October stated that the EU was willing to explore the way to grant around 1,500 million euros a month to Ukraine to finance basic needs while defending against the Russian invasion. This proposal resulted in the 18,000 million committed by 2023.

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