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EP approves 18 billion Euro loan to Ukraine

EP approves 18 billion Euro loan to Ukraine

The European Parliament (EP) has approved the European Union (EU) to provide a loan of 18 billion Euros for 2023 to Ukraine, which is at war with Russia.

Publish Date: 24/11/22 17:33
reading time: 1 min.
EP approves 18 billion Euro loan to Ukraine
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The vote, held at the EP General Assembly in Strasbourg, France, was approved by 507 deputies against 38.

The financial package, which the EU plans to give in monthly installments of 1.5 billion Euros, is aimed to meet almost half of the monthly 3-4 billion Euro fund that Ukraine needs in 2023.

The financial aid is primarily aimed at maintaining public services such as hospitals and schools, providing shelter for the displaced, maintaining macroeconomic stability and rebuilding destroyed civil infrastructures.

In order to start granting EU loans to Ukraine, it must be unanimously approved by the EU Council formed by the member states on 6 December. The loan is expected to be made available from the beginning of 2023.

According to the information given by the EP, the EU and its member states have provided 19.7 billion euros to Ukraine since the start of the war on February 24.

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