EU to Provide €35 Billion ($39 Billion) Loan to Ukraine Amidst Russian Attacks as Part of G7 Plan

Sep 20, 2024, 08:46 AM

The European Union is set to provide a loan of up to €35 billion ($39 billion) to Ukraine as part of a G7 initiative to raise $50 billion using future profits from frozen Russian assets. This loan is aimed at helping Ukraine rebuild its economy and energy infrastructure amidst ongoing Russian attacks. The funds will be used for energy, defense, and bomb shelters in schools, kindergartens, and universities. European Commission President Ursula von der Leyen announced the loan during her visit to Kyiv, emphasizing the EU's commitment to supporting Ukraine through the winter months. President Volodymyr Zelensky outlined the allocation of the funds, highlighting their critical role in addressing Ukraine's urgent needs. This move comes as efforts to use frozen Russian assets for Ukrainian aid have faced obstacles, particularly from Hungary.