Loans and grants

Half of EU funds for Ukraine to be funded by frozen Russian assets

Ursula von der Leyen

Ursula von der Leyen

The European Union has pledged to provide funding to Ukraine through grants, loans, and frozen Russian assets, covering approximately 45% of Ukraine’s overall financial requirements, EU Commission President Ursula von der Leyen said at the Ukraine Recovery Conference in London on June 21.

“Until 2027, Ukraine’s remaining fiscal gap amounts to about EUR 60 billion,” she explained.

“The needs for rapid recovery are estimated at approximately EUR 50 billion. This totals to EUR 110 billion that remains uncovered. Therefore, yesterday I proposed to EU Member States to fill 45% of this gap, amounting to a total of EUR 50 billion for Ukraine.”

The funding will be provided in the form of grants from the EU budget, loans, and by utilizing frozen Russian assets.

“We will collaborate with Ukraine to develop a corresponding plan for investment and reforms,” she added.

“This plan could serve as an anchor for all international donors, including the private sector. It will enhance our coordination efforts and maximize our impact.”

On the previous day, Ursula von der Leyen had announced that the EU is prepared to allocate EUR 50 billion ($54.5 billion) for Ukraine over a four-year period.

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Read the original article on The New Voice of Ukraine

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