France confirms report on joint EUR 50B loan for Ukraine

France confirms report on joint EUR 50B loan for Ukraine

By the end of 2024, the G7 countries will have provided Ukraine with another EUR 50 billion. The terms of the loan are yet to be determined by G7 finance ministers.

That’s according to Emmanuel Bonne, the diplomatic adviser for French President Emmanuel Macron, who spoke at a phone briefing on Thursday, an Ukrinform correspondent reports.

"The leaders have made a decision. We will reaffirm our support to Ukraine in the form of a joint loan of EUR 50 billion, which the G7 countries will provide to Ukraine by the end of the year," he said.

According to him, this is an American loan, "but it can be supplemented with European money or national contributions."

Read also: G7+ partners announce additional assistance to Ukraine's energy sector worth over billion dollars

He also explained that the said loan to Ukraine is set to be repaid at the expense of revenues from Russian assets immobilized in the European Union.

"And you understand that if the Russian assets are unfrozen for one reason or another, or if the income from the Russian assets does not bring more than is needed to finance the loan, a question of burden sharing arises," Bonne explained.

So the experts have to negotiate the contract that will be used to finance the loan and ensure that it complies with all public finance laws and regulations.

Read also: Restoration of Ukraine's energy sector: 12 agreements signed at conference in Berlin

"But things will go very quickly, and in any case EUR 50 billion will be delivered by the end of 2024," Macron's adviser added.

As Ukrinform reported earlier, the USA is ready to provide Ukraine with a $50 billion loan, which will be repaid at the expense of profits from immobilized Russian assets if the EU extends sanctions against Moscow indefinitely.

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