The Council of the EU on Monday approved an extra €3.5 billion (approximately $3.8 billion) in financial support for Ukraine, consisting of non-repayable grants and loans, according to a press release from the European Council.
The funding, part of the Ukraine Facility, aims to bolster Ukraine’s macro-financial stability and support its long-term recovery, reconstruction, and modernization. This marks the third disbursement under the facility, which has already provided close to €20 billion to Ukraine since it was launched a year ago.
In its statement, the Council noted that Ukraine had met the necessary conditions laid out in the Ukraine Plan to receive the third payment. The Ukraine Plan outlines the country’s roadmap for recovery and reform, including a timetable for the reforms it intends to undertake as part of its EU accession process over the next four years.
Among the 13 benchmarks that Ukraine has successfully demonstrated progress on are passing reforms to increase renewable energy usage, boosting the autonomy of its energy regulator, and simplifying border-crossing procedures to meet EU standards. Additionally, Ukraine has developed strategies for agriculture and rural development—including initiatives to clear land mines from agricultural areas—and is advancing efforts to list its strategic and critical raw materials.
The Ukraine Facility, which came into force on March 1, 2024, is designed to provide up to €50 billion of stable financing in grants and loans through 2027, aiming to support Ukraine’s structural reforms and economic modernization.
The additional aid is expected to further strengthen Ukraine’s financial stability and accelerate its transformation process, reinforcing the EU’s commitment to supporting the country’s integration into European structures.
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