Zelenskyy reveals how Ukraine to allocate first €90B loan tranche
Volodymyr Zelenskyy (photo: t.me/V_Zelenskiy_official)
The President of Ukraine said the first tranche from the EU under a €90 billion loan will be used to produce weapons and protect the energy sector.
"The first tranche under the approved European support package of €90 billion will be directed toward domestic production for Ukraine's defense. This includes drones and the entire miltech sector," Zelenskyy said.
He named energy protection as the second priority. He stressed that by the next winter, the state must protect as much of the country's infrastructure as possible.
"For this purpose, in addition to local budgets, part of the funds that we can allocate from the central budget is also foreseen. Funding will come, in particular, from these tranches of the €90 billion package. We expect to allocate several billion of this specifically for energy protection," the president said.
He added that this issue was discussed with European leaders in Cyprus.
EU loan for Ukraine
On April 23, the European Council approved a €90 billion loan for Ukraine. It will be repaid using reparations from Russia.
It has also recently become known that the first funds from the EU loan program could begin arriving in Ukraine as early as May.
In addition, Energy Minister Denys Shmyhal said on April 26 that EU loan funds will not be used to restore energy infrastructure destroyed by Russian strikes.
