Situation in Ukraine

European Union to allocate $5 billion loan to Ukraine

by APA

European Union finance ministers on Friday backed a 5 billion euro ($5 billion) loan for Ukraine to help keep its schools, hospitals and other needed operationsrunning as it fights against Russia’s invasion, APA reports citing Reuters.

Meeting in Prague, the ministers also discussed longer-term options to help Ukraine fund its reconstruction in the future, as well as possible other options to give short-term financing.

EU countries have been providing ongoing support with financial and military aid to Ukraine as Kyiv seeks to take back land in Russia’s hands since it launched what Moscow calls a “special operation” in February.

The 5 billion euro loan agreed on Friday, which will be backed by guarantees of EU member states, is part of an overall 9 billion euro package announced in May.

The first 1 billion euros was fully sent in early August, while Czech Finance Minister Zbynek Stanjura said upcoming meetings would decide how the remaining 3 billion euros in the package could be split into loans or grants.

“All member states agreed on further support for Ukraine,” Stanjura said.

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