EU approves EUR 3 bln allocation for Ukraine under Ukraine Facility, with Norway joining financing
The EU Council has approved the disbursement of nearly EUR 3 billion to Ukraine under the Ukraine Facility, with Norway joining Kyiv's financing with NOK 1 billion in non-repayable assistance.
On Thursday, the EU Council authorized nearly EUR 3 billion in financial assistance for Ukraine via the Ukraine Facility, with Norway contributing NOK 1 billion in non-repayable aid. The EU press service announced this development in Brussels. The eighth regular tranche of the disbursement is set to reach Ukraine shortly. Notably, nearly EUR 800 million of this sum will be provided as a loan under the Ukraine Support Loan program.
The EU Council attributed the approved funding to Ukraine's successful completion of ten target steps outlined in the Ukraine Plan. As of now, Ukraine has fulfilled 84 out of 95 target steps, representing around 88% of the planned objectives for this stage. The EU Council emphasized that the funds aim to bolster macroeconomic stability, Ukraine's recovery and modernization, maintain the uninterrupted operation of public administration, and support ongoing reforms.
Additionally, the Council noted a voluntary financial contribution of NOK 1 billion (approximately EUR 92 million) from Norway, marking the first non-EU country to support the Ukraine Facility's first pillar. Over the past year, Sweden has also made additional voluntary contributions amounting to over EUR 253 million. The Ukraine Facility, initiated on March 1, 2024, is expected to provide over EUR 50 billion in grants and loans to Ukraine through 2027, with disbursements contingent upon Ukraine's progress in meeting the targets set in the Ukraine Plan.
Written by urgent.news from Interfax-Ukraine's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
