International

EU Unveils €50 Billion Ukraine Facility: Long-Term Support Begins

The European Commission today hailed a political agreement with the European Parliament and Council on a €50 billion Ukraine Facility, solidifying long-term financial support for the war-torn nation, according to an official statement.

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Sursa: twitter.com/vonderleyen

"Europe will stand by Ukraine throughout the war and beyond," declared Commission President Ursula von der Leyen. "This agreement on the Ukraine Facility is a powerful testament to our commitment. We'll deliver essential funding and stability to our brave friend and future member, with the first disbursement aiming for March."

The Facility provides grants and loans for recovery, reconstruction, and modernization, including reforms required for EU accession. It offers three pillars:

  1. Direct Budget Support: Based on a Ukrainian plan, this will fund recovery, reconstruction, and modernization efforts linked to reforms and investments.
  2. Investment Framework: Guarantees and blended finance (loans and grants) will attract public and private investment for Ukraine's rebuilding.
  3. Technical Assistance and Support: This includes grants covering loan borrowing costs and support for reform-related measures.

Robust audit and control mechanisms ensure EU financial protection while bolstering Ukraine's internal control systems.

Additionally, an "exceptional bridge financing" provides up to €1.5 billion monthly until other facility elements are operational. This crucial support guarantees immediate aid for essential government functions like salaries, pensions, and public services.

The EU will finance the loan portion (€33 billion) through bond issuance, backed by the EU budget. Non-repayable grants will be funded through a new "Ukraine Reserve" exceeding the existing budget limitations. Both will be subject to annual budgetary review based on progress and needs.

This agreement, following the extraordinary European Council's endorsement on February 1st, requires formal approval by the Parliament and Council before entering into force.

The EU, together with its member states and institutions, has already pledged over €88 billion in support for Ukraine and its people, including those providing temporary protection to refugees. This latest effort reaffirms the unwavering commitment to assist Ukraine "for as long as it takes."

Translation by Iurie Tataru

Bogdan Nigai

Bogdan Nigai

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