European Council Approves Allocation Of Up To EUR 9 Billion Of Macro-Financial Assistance To Ukraine

Following the summit in Brussels (Belgium), the European Council decided to allocate macro-financial assistance to Ukraine in the amount of up to EUR 9 billion.

This is stated in the conclusions of the European Council summit, Ukrainian News Agency reports.

"The European Council notes that the Commission (European Commission) will soon submit a proposal to provide Ukraine with new exceptional macro-financial assistance of up to EUR 9 billion in 2022," the statement says.

The European Council also called on the European Commission to promptly submit its proposals for EU support for the restoration of Ukraine in cooperation with international partners, organizations and experts.

According to Bloomberg, the macro-financial assistance program will consist of loans for a period of 25 years with a 10-year grace period.

At the same time, interest on loans will be covered from the EU budget.

About EUR 8 billion of the total amount will be provided by the EU member states, the rest will be covered from the association's budget.

The European Commission believes that Ukraine will receive the first tranche this summer, and three or four more tranches by the end of the year.

As Ukrainian News Agency reported, President of the European Commission Ursula von der Leyen announced intention to allocate macro-financial assistance to Ukraine in the amount of EUR 9 billion in May.