Daily Management Review

EU to allocate €9B in aid to Ukraine


The European Union (EU) will complete terms of a €9 billion financing package for Ukraine in the next days, according to Bloomberg, citing three European officials. Ursula von der Leyen, the President of the European Commission, stated that the EU will provide Ukraine with a €9 billion loan by the end of 2022.

Mr ATM via flickr
Mr ATM via flickr
The new assistance package for Kiev, according to the agency, will consist of "25-year loans with a 10-year grace period for principal payments." Interest payments, according to sources, will be funded by the EU budget.

According to Bloomberg, EU leaders will gather in Brussels on June 23 and 24. The gathering will focus on Ukraine's rehabilitation plan as well as its ambition for EU membership.

Ukraine's recovery is expected to cost trillions, according to the European Investment Bank. The EU handed €600 million in financial aid to Ukraine on May 20. The European Commission stated that it hopes to support Ukraine in achieving a comprehensive reform agenda and a shift to "basic European principles."

source: bloomberg.com