European Council Approves 3 Billion Euro Funding for Ukraine

The Council of the European Union has approved the transfer of a new resource of approximately 3 billion euros under the Ukraine Facility, established to support the country's reconstruction and reform process.

New Payment Under the Ukraine Facility

In an official statement made by the Council of the European Union, it was stated that a decision was made to make the 8th regular payment under the Ukraine Facility, which was created to support Ukraine's reconstruction and reform process.

In line with this new decision, the transfer of a new resource of approximately 3 billion euros to the country has been officially approved.

Source and Target Conditions of the Loan

The statement reported that approximately 800 million euros of the amount to be transferred within the framework of the 8th regular payment will be financed from the Ukraine Support Loan for the first time.

It was stated that this payment decision was made after Ukraine successfully fulfilled 10 targets expected of it. It was noted that the country has fulfilled 84 out of 95 targets it was required to complete so far.

Grant Support from Norway for the Fund

The statement also announced that Norway's provision of a grant of approximately 92 million euros to Ukraine has been approved.

With this step, Norway became the first non-EU member country to contribute to the pillar of the European Union's Ukraine Facility that supports reforms and investments.

Scope and Objectives of the Ukraine Facility

The Ukraine Facility, which entered into force in March 2024 following the start of the Russia-Ukraine War, aims to support the country's recovery, reconstruction, and modernization.

It is envisaged to provide more than 50 billion euros in grants and loans under the fund until 2027.