EU has approved the allocation of almost EUR 3.5 billion to Ukraine as the third tranche under the Ukraine Facility
Kyiv • UNN
Ukraine will receive about EUR 3.5 billion from the EU after the approval of the third payment within the Ukraine Facility. Since the beginning of the program, Ukraine has received about EUR 20 billion.
The EU Council has approved the third tranche to Ukraine in the amount of almost EUR 3.5 billion under the Ukraine Facility instrument, the European institution said on Monday, UNN writes.
Ukraine will soon receive approximately EUR 3.5 billion after the Council (EU) approved the third disbursement of non-refundable grants and loans to Ukraine under the Ukraine Facility program. Thanks to this third payment, Ukraine will receive about EUR 20 billion under the Ukraine Facility since it entered into force a year ago
The main purpose of the instrument, as stated, is to support macroeconomic stability and recovery, reconstruction and modernization of Ukraine.
"Today, the EU Council concluded that Ukraine has fulfilled the necessary conditions set out in the Plan of Ukraine to receive the third payment from the Ukraine Facility," the statement said.
As reported, "Ukraine has successfully demonstrated that it has taken 13 different steps." These include, inter alia, reforms to increase the use of renewable energy; increasing the autonomy of the energy regulator; simplifying border crossing procedures in accordance with EU standards; adoption of a strategy for the development of agriculture and rural areas (including the removal of mines from agricultural land); and continuing work on the list of its strategic and critical raw materials.
Addition
The Plan of Ukraine defines Ukraine's intentions for the recovery, reconstruction and modernization of the country, as well as a schedule of reforms that it plans to implement within the framework of the EU accession process over the next four years.
The Ukraine Facility program, which entered into force on March 1, 2024, provides up to EUR 50 billion of stable funding in the form of grants and loans to support the recovery, reconstruction and modernization of Ukraine for the period from 2024 to 2027.
Of these, up to EUR 32 billion is tentatively allocated to support reforms and investments set out in the Plan of Ukraine, according to which payments depend on Ukraine's fulfillment of a number of pre-established conditions. Since its entry into force through the Ukraine Facility, EUR 6 billion has already been paid in the form of transitional financing, EUR 1.89 billion of pre-financing and two tranches of approximately EUR 4.2 and 4.1 billion.
