EU Plans €40 Billion Loan for Ukraine, Announces €35 Billion Aid Package

Sep 20, 2024, 06:08 AM

The European Union plans to raise up to €40 billion in loans for Ukraine by the end of 2024, regardless of U.S. participation. This move comes as a G7 plan to use frozen Russian assets to aid Kyiv faltered, with concerns that Hungary may block the plan. The funds are crucial to help Ukraine address a $38 billion financing gap. Additionally, European Commission President Ursula von der Leyen announced a €35 billion EU loan for Ukraine as part of a G7 effort to raise $50 billion using future profits from frozen Russian assets. The loan will support Ukraine's energy infrastructure, defense, and the construction of bomb shelters in schools, kindergartens, and universities. The total aid package could reach $44.48 billion, and the proposal needs to be adopted by October. Von der Leyen discussed these plans with Ukrainian President Volodymyr Zelensky during her visit to Kyiv.