EU approves another €3 billion for Ukraine: Here's what it will fund
Photo: The EU has backed providing new aid to Ukraine (Getty Images)
On September 24, the Council of the European Union approved the eighth tranche of aid to Ukraine under the Ukraine Facility initiative. The amount totals 3 billion euros.
European Union officials emphasize that approximately 800 million euros of the specified amount will be provided for the first time through a loan to support Ukraine.
In addition, it is noted that this decision by the Council of the EU is evidence of Ukraine's successful implementation of a number of important requirements.
"Ukraine has met 84 of the 95 target steps required under the Plan to date, representing approximately 88% of the steps due so far," the European authorities note.
The allocated funds will be used to:
- Strengthen Ukraine's macrofinancial stability
- Rebuild and modernize the country
- Ensure the functioning of public administration
- Support Ukraine's reform efforts.
Furthermore, on the same day, the Council of the EU also amended the Ukraine Plan. This time, it included a voluntary financial contribution from Norway amounting to approximately 92 million euros. It is important to understand that this is specifically non-repayable aid.
The mechanism for supporting Ukraine allows EU member states, third countries, and international organizations to make voluntary contributions.
It was first launched on March 1, 2024, and provides for over 50 billion euros in grants and loans to support Ukraine's recovery, reconstruction, and modernization through 2027.
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