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European Commission commits €35 billion in loans to Ukraine

by AI | 20.Sep 2024 | Europe in brief AI

KYIV (ANP) – The European Commission grants Ukraine loans up to 35 billion euros. This was announced by the President of the European Commission, Ursula von der Leyen, during a visit to Kyiv on Friday.

The European Commission has approved a loan to Ukraine. Photo: BTA

Due to the “continuous Russian attacks, Ukraine needs lasting support from the European Union,” writes Von der Leyen on X. Friday’s commitment is “another significant contribution from the EU to Ukraine’s recovery.”

Ukraine itself may decide where the money will be spent, said Von der Leyen later during a joint press conference with Ukrainian President Volodymyr Zelensky. The billions provide Ukraine with financial stability, said the politician. The money comes from frozen Russian assets, Von der Leyen said. According to her, it is right that aggressor Russia helps pay for Ukraine’s recovery.

Von der Leyen expects the money to be transferred quickly, she said during the press conference.

The loan still needs to be approved by the European Parliament and by a qualified majority of EU member states. This means that the proposal must be supported by at least 15 of the 27 member states, which together represent at least 65 percent of the total EU population. The loan is part of a broader plan of over 44 billion euros to help Ukraine, on which the United States and the G7 earlier reached an agreement.

Ukraine will use the money for weapons such as drones and air defense, constructing bunkers at schools, and protecting the country’s energy supply, said Zelensky.

He urged Von der Leyen to keep up the pressure on Russia by imposing more sanctions. “We must not allow Russia to adapt to the sanctions.”

(September 20)