The European Union approved the granting of a €35 billion loan to Ukraine

Flags of Ukraine and the EU, photo: tribune.com.ua

The Council of the European Union (EU) has approved a financial package of a loan to Ukraine in the amount of up to 35 billion euros, which is part of the bloc's obligations in accordance with the G7 decision on the frozen assets of Russia.

This was reported by the press service of the Council of the EU.

«The Council reached an agreement on a package of financial assistance to Ukraine, which includes an exceptional macro-financial loan of up to 35 billion euros and a credit cooperation mechanism that will help Ukraine repay loans for a total amount of up to 45 billion euros from the EU and G7 partners,» the message states.

This aid is intended to urgently meet Ukraine's financial needs, which have increased as a result of increased Russian aggression. It is the European part of a $50 billion (€45 billion) loan from the G7, which will be repaid with future proceeds from the investment of Russia's frozen sovereign assets.

It is noted that the EU plans that these funds will become available to Ukraine from 2024, and the loan will be repaid within a maximum of 45 years.

The decision must be approved by the EU Council through a written procedure after the European Parliament adopts the text at first reading. Accordingly, the decision will enter into force the day after its publication in the Official Journal of the EU.

Money for the defense of Mykolaiv

In 2023, Mykolaiv directed about 740 million hryvnias to the needs of the Defense Forces.

At the same time, 400 million hryvnias were allocated from the city budget last year for the military, of which 200 million hryvnias went to purchase housing for military personnel serving in parts of the Mykolaiv garrison.

Mayor Oleksandr Sienkovych previously also published the schedule of the city council with financing of the military. 17 new vehicles were purchased and handed over to the Armed Forces with city funds, another 89 pieces of equipment were handed over to parts from utility companies.

In 2023, the Planning and Budget Commission of the Mykolaiv City Council also approved the allocation of 9.6 million hryvnias of subvention for the purchase of 415 drones of various modifications, as well as communication devices and night vision devices for the needs of the military.

In March, 57.6 million hryvnias were allocated from the free balance of the city budget to support the Ministry of Defense, as well as the Security and Defense Forces. And in April 2024, the deputies of the city council made changes to the city budget for 2024: about 107 million hryvnias were allocated to defense.