The European Parliament is anticipated to authorize the loan this month, permitting it to be paid out next year.
Published On 9 Oct 2024
European Union envoys have concurred to offer Ukraine up to 35 billion euros ($38bn) as part of the bloc’s share in a bigger prepared loan from the Group of Seven (G7) countries, backed by frozen Russian Central Bank properties, a declaration from the Council of the EU states.
Kyiv is desperate for funds as it looksfor to prop up its economy, gearup its military and keep its electricalpower grid operating this winterseason after relentless barrages by Moscow’s forces.
The EU’s loan – which was signed off by a bulk of ambassadors at a conference in Brussels on Wednesday – is part of a larger $50bn effort concurred by G7 powers in June.
The EU is the veryfirst of the G7 powers to reveal how much it is putting forward as its share of the strategy and is still waiting for others, consistingof the United States and Britain, to do their part.
The European Parliament is anticipated to authorize the loan at a sitting lateron in October, allowing it to