European Commission allocates another €1.5 billion to Ukraine
Photo: President of the European Commission Ursula von der Leyen (Getty Images)
The European Commission has allocated the second installment of exceptional bridge financing to Ukraine under the mechanism for Ukraine, amounting to €1.5 billion, reports the press center of the European Commission.
The disbursement follows the European Commission's positive assessment of the agreed political conditions related to reforms in the judiciary, anti-money laundering, public finance management, business environment, and agriculture, as well as reporting requirements to ensure transparent and efficient use of funds.
“Ukraine is carrying a heavy burden on its shoulders for all of us. The additional €1.5 billion we disburse today will ensure that Ukraine can continue to keep the State and basic services running for the population, while it fights back the aggressor,” said President of the European Commission Ursula von der Leyen.
She added that the EU will work closely with the Ukrainian authorities to ensure the implementation of the Ukraine Plan, which is expected to be quickly agreed upon by the EU Council.
EU assistance to Ukraine
In early 2024, the European Union decided to provide Ukraine with large-scale financial assistance. At a special summit on February 1, EU leaders approved a €50 billion aid package to be provided to Ukraine until 2027.
The funds will be allocated under the Ukraine Facility program. This program provides for both grants and loans to Ukraine.
It is important to note that Ukraine must fulfill a series of conditions to receive financial assistance from the EU. In particular, these include reforms, fighting corruption, and strengthening democratic institutions.
On February 28, 2024, the EU Council finally approved the Ukraine Facility program.
On March 20, 2024, EU High Representative for Foreign Affairs and Security Policy Josep Borrell announced that the European Commission had already disbursed the first tranche of aid to Ukraine of €4.5 billion.
The remaining funds are expected to be transferred to Ukraine over the next four years.
