The Council of the European Union has agreed a package of documents that will allow it to give Kiev a €18 billion loan.
“The Council has reached agreement on a package of legislation that will allow the EU to provide financial assistance of 18 billion euros to Ukraine during 2023,” the Council said in a statement.
It is specified that the loans will have a ten-year grace period.
On 9 November, the European Commission offered Ukraine a new package of macro-financial assistance worth up to 18bn euros for 2023. The EC said at the time that it would like to transfer the first funds as early as in January. The allocation of money requires the approval of the EU member states and the European Parliament, which approved the proposed aid package in late November.
New macro-financial assistance, according to the idea of the European Commission, will consist of loans granted on concessional terms, with maturity up to 35 years.
As stressed by the EC, this financial support will help to cover a large part of Ukraine’s short-term financing needs for 2023. These are estimated by the Kiev authorities and the International Monetary Fund at three to four billion euros per month.
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