Ukraine signs agreement with EU for non-refundable aid of €5.27 billion
Photo: The EU will provide Ukraine with €5.27 billion in non-refundable aid (Getty Images)
Ukraine has signed a financial agreement with the European Union that regulates the receipt of grant assistance under the Ukraine Facility of 5.27 billion euros over the next four years, the Ukrainian Ministry of Economy reports.
The agreement was signed on behalf of Ukraine by First Vice Prime Minister and Minister of Economy Yulia Svyrydenko.
According to her, the government has finalized the agreement between Ukraine and the EU under the Ukraine Facility. This is the last agreement necessary for the Ukraine Facility program to be fully launched.
In total, budget support under the first component of the program, including loans and grants, amounts to EUR 38.27 billion. The program provides for tranches to be disbursed following a quarterly schedule of indicators. In total, in 2024, Ukraine expects to receive EUR 16 billion of support, of which EUR 3 billion will be granted assistance.
Ukraine Facility program
In February 2024, the European Parliament approved the regulations of the Ukraine Facility program. The EU's €50 billion 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. The document was signed by Finance Minister Serhii Marchenko and National Bank of Ukraine head Andrii Pyshnyi.
Ukraine has already received €6 billion in financial support in March and April of this year and €1.9 billion in June. In the second quarter, 9 indicators need to be met, which will allow Ukraine to receive EUR 4.1 billion in September 2024.
