EU to release €3bn for Ukraine on Tuesday

EU to release €3bn for Ukraine on Tuesday
Credit: Belga

The European Union will release €3.0 billion in loans to Ukraine on Tuesday, Commission President Ursula von der Leyen announced on Monday.

This is the first instalment of a €18 billion loan with which the EU wants to help Ukraine finance its immediate needs this year and restore infrastructure such as hospitals, schools, roads and electricity networks.

The 27 EU members agreed last month on the loan, guaranteed by the EU and its Member States.

Initially, there was talk of monthly instalments of €1.5 billion, but Kyiv's needs are so great that the first instalment is being doubled straight away.

Member States will cover the bulk of the interest. Ukraine will have to start repaying from 2033 and will have 35 years to do so.

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