The Council of the European Union approved the launch of the Ukraine Facility worth 50 billion euros for the period 2024-2027, the Ukrainian government announced on its website, BGNES reported.
The Ukraine Facility is a unique tool to support the economic development and recovery of the country on its way to EU membership. It will provide unprecedented, predictable assistance based on jointly agreed plans and priorities by the Government of Ukraine and the European Commission.
Under the instrument, Ukraine will receive around EUR 39 billion in direct budget support for the period 2024-2027, of which more than EUR 5 billion will be grants.
"I am grateful to our EU partners for their decisive decision to support Ukraine. With the further active work of the Government of Ukraine and representatives of the European Commission on the Program, the country will gradually move closer to its European future," said Ukrainian Finance Minister Serhiy Marchenko.
The Instrument also includes a bridge financing mechanism, which, after the signing of the relevant international agreements, will pave the way for attracting the necessary financing in a shorter period of time before the start of the Facility. The loan agreement and memorandum are expected to be signed in early March.
On February 27, the European Parliament supported the decision on the Mechanism for Ukraine. The EU Council's decision is the last step in its launch.
The Regulation on the Ukraine Facility will enter into force the day after its publication in the Official Journal of the EU./BGNES
