EU Council approves EUR 50B Ukraine Facility - Finance Ministry

EU Council approves EUR 50B Ukraine Facility - Finance Ministry

On February 28, the Council of the European Union approved the launch of the EUR 50 billion Ukraine Facility for 2024-2027.

That’s according to the Ministry of Finance of Ukraine, Ukrinform reports.

“The Ukraine Facility is a unique instrument to support Ukraine's economic development and recovery on its path to EU membership. The Facility will provide unprecedented predictable support based on jointly agreed plans and priorities by the Government of Ukraine and the European Commission,” the statement reads.

Read also: Economy ministry: Government to endorse Ukraine Facility Plan this March

Under the instrument, Ukraine will receive around EUR 39 billion in direct budget support over the period 2024-2027, of which more than EUR 5 billion will be grants.

"I am grateful to our EU partners for their crucial decision to support Ukraine. With the further active work of the Government of Ukraine and representatives of the European Commission under the Programme, Ukraine will steadily move closer to its European future," said Minister of Finance of Ukraine Sergii Marchenko.

The instrument also includes a Bridge financing mechanism, which, after the signing of the relevant international agreements, will open the way to attract the necessary financing in a shorter period of time before the start of the Facility.

Read also: PM Shmyhal outlines seven main tasks for Ukraine in 2024

The Loan Agreement and Memorandum are expected to be signed in early March. 

As reported earlier, on February 26, the European Parliament supported the decision on the Ukraine Facility. The decision of the EU Council was the final step before the Facility could be formally launched.

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