European Commission to issue bonds to fund additional support for Ukraine 
December 19, 2022

European Commission to issue bonds to fund additional support for Ukraine 


The European Commission today announced it would be issuing long-term EU bonds worth up to €80 billion in the first half of 2023. Of these, €10 billion will be for Ukraine’s marco-financial assistance programme. The other €70 billion will be for the NextGenerationEU recovery programme.

The bonds will be issued as part of a unified approach to financing, under which the Commission – on behalf of the EU – will henceforth only issue “EU bonds” rather than separately denominated bonds for individual programmes such as SURE and macro-financial assistance (MFA).

The European Commission currently runs two major programmes financed through capital markets funding – the NextGenerationEU recovery instrument of around €800 billion between mid-2021 and end-2026 and the Macro-Financial Assistance + programme, to provide up to €18 billion of support to Ukraine in 2023.

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