European Commission Disburses €4.5 Billion in Aid to Ukraine

by Cheplyk Roman
Wednesday, March 20, 2024
European Commission Disburses €4.5 Billion in Aid to Ukraine

Josep Borrell, the head of European Union diplomacy, announced that the European Commission has successfully transferred the first tranche of macro-financial assistance to Ukraine

This initial payment, part of a substantial €50 billion support package, totals €4.5 billion. The announcement came during a briefing in Brussels, following the Ukraine-EU Association Council meeting.

Borrell highlighted the significance of this financial aid, stating, "Today we also made the first payment of EUR 4.5 billion under the Ukraine Facility, our EUR 50 billion package to support the recovery, reconstruction, and modernization of Ukraine."

Additionally, Borrell mentioned that discussions regarding the acceleration of Ukraine's accession to the EU are slated for the upcoming European Council meeting.

This financial assistance is part of the newly introduced Ukraine Facility mechanism, which was adopted by the European Parliament on February 27 and received final approval from the Council of the EU the following day. Aimed at supporting Ukraine over four years, the mechanism ensures the country will receive the first two tranches totaling €6 billion, with €4.5 billion disbursed in March and an additional €1.5 billion expected in April. This aid represents a significant effort by the EU to support Ukraine amidst ongoing challenges, focusing on the nation's recovery, reconstruction, and modernization efforts.

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