The European Commission today disbursed to Ukraine a further tranche of a billion-euro emergency loan under macro-financial assistance to be repaid with proceeds from immobilised Russian state assets in the EU, reinforcing the EU's role as the largest donor since the start of Russia's war against Ukraine.
The MFA totals €18.1 billion and represents the EU's contribution to the G7-led Exceptional Revenue Acceleration Loans (ERA) initiative, which has a common objective of providing around €45 billion in financial support to Ukraine.
With this disbursement, the total amount of MFA provided by the Commission to Ukraine since the beginning of the year amounts to €4 billion. Negotiations with Ukraine on the timing of further disbursements are ongoing. The Commission stands ready to provide the remaining MFA funds in line with the country's needs, as called for by European leaders at a special European Council earlier this month.
President of the European Commission Ursula von der Leyen she said: "Today's payment of €1 billion confirms our firm commitment to Ukraine. We are helping the country's economy stay on track and rebuild critical infrastructure damaged by Russian aggression. We will support Ukraine for as long as it takes."
How this exceptional MFA package supports Ukraine
This macro-financial assistance is essential to address Ukraine's urgent budgetary needs, which have increased significantly as a result of Russia's intensified and prolonged war of aggression.
With this €18.1 billion of financial support, Ukraine will be able to support its current and future military, budgetary and reconstruction needs and rebuild critical infrastructure destroyed by Russia, such as energy infrastructure, water systems, transport networks, roads and bridges.
The MFA facility offers Ukraine high flexibility and very favourable conditions with a very long maturity that can extend up to 45 years. Importantly, Ukraine is not expected to repay the loan directly from its own resources. Instead, repayment will be secured through extraordinary profits from immobilised Russian assets obtained from the Ukraine Loan Cooperation Mechanism (ULCM), a clear signal that the burden of rebuilding Ukraine will be borne by those responsible for its destruction.
Total EU support to Ukraine to date
Since the beginning of Russia's war of aggression against Ukraine, the EU and its Member States have unequivocally condemned Russia's actions and offered unprecedented support to Ukraine and its people. As the largest donor, the EU has contributed a total of almost EUR 140 billion in financial and budgetary support and humanitarian aid:
- €49.3 billion for military assistance to Ukraine under the European Peace Facility and from individual Member States;
- €17 billion provided to Member States to meet the needs of people fleeing war;
- €1.5 billion in proceeds from frozen and immobilised Russian state assets (windfall profits).
europa.eu/ gnews.cz - RoZ
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