EU ambassadors agree on EUR 4.2 billion tranche to Kyiv under Ukraine Facility program
Illustrative photo (Getty Images)
Ambassadors of the European Union countries have approved a €4.2 billion tranche for Ukraine under the Ukraine Facility program, citing the Hungarian Presidency of the EU Council.
"Today, Ambassadors adopted the first instalment under the Ukraine Plan of the Ukraine Facility Regulation, paving the way for the transfer of nearly €4.2 bn to support Ukraine's recovery, reconstruction, and modernisation," the statement reads.
The next step will be the approval of this decision through a written procedure, which is used for steps that do not require discussions.
Ukraine Facility program
In February 2024, the European Parliament approved the regulation for the Ukraine Facility program. The €50 billion EU support program for Ukraine will run from 2024 to 2027. In June, Ukraine and the European Union signed a loan agreement under the Ukraine Facility.
On July 17, the European Commission approved a €4.2 billion tranche for Ukraine under the Ukraine Facility. Following the approval of the tranche by the EU Council, the total funding for Ukraine under the Ukraine Facility will reach €12 billion.
Prime Minister Denys Shmyhal said that Ukraine expects to receive this tranche in September this year. Shmyhal also reported that Ukraine has met the indicators for the second quarter of 2024 for the Ukraine Facility program.
