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€50 billion program for Ukraine: EU Commission to nearly double aid in 2024

€50 billion program for Ukraine: EU Commission to nearly double aid in 2024 President of Ukraine Volodymyr Zelenskyy and President of the European Commission Ursula von der Leyen (Photo: Getty Images)

The European Commission (EC) has agreed to increase the amount of financing for Ukraine in 2024 to 16 billion euros under the Ukraine Facility program, as several sources familiar with the EC decision told RBC-Ukraine.

"The funding volume for the current year is 16 billion euros," one of the interlocutors disclosed.

At the same time, the size of the first tranche expected in March will amount to 4.5 billion euros.

Earlier the EC was prepared to allocate only 9 billion euros from the total amount of the four-year Ukraine Facility program in 2024. This is despite Ukraine's expectations of 18 billion euros.

Assistance to Ukraine of 50 billion euros

On February 1, the leaders of the European Union countries at a special summit supported providing Ukraine with 50 billion euros by 2027.

These funds will be provided under the Ukraine Facility program. It also envisages that our country will need to fulfill conditions to receive the money.

As first Vice Prime Minister of Ukraine Yulia Svyrydenko has mentioned, the final approval of the program is expected in April.

Before that, in March, the Cabinet of Ministers plans to approve such a program and submit it to colleagues in the European Commission.