The Council of the European Union and the European Parliament have reached provisional agreement on setting up a new single dedicated instrument to support Ukraine’s recovery, reconstruction and modernisation, while supporting its efforts to carry out reforms as part of its accession path to the EU. The Ukraine Facility will have a total budget of €50 billion.
The Ukraine Facility will pool the EU’s budget support to Ukraine into one single instrument, providing coherent, predictable and flexible support to Ukraine for the period 2024-2027.
“The EU is prepared to support Ukraine as long as needed. The Ukraine Facility will allow us to channel consistent and predictable support to Ukraine to help its people rebuild their country in the midst of the unprecedented challenges brought by Russia’s war of aggression,” said Vincent van Peteghem, Belgian Minister of Finance. “At the same time the support will help Ukraine take forward the reforms and modernisation efforts needed for it to advance on its path towards future EU membership.”
The Ukraine Facility will be structured in three pillars:
The total budget of €50 billion for the Ukraine Facility will be split between €33 billion in loans and €17 billion in grants.
Building on this provisional agreement, negotiators will now continue working on the broader revision of the multiannual financial framework (MFF) 2021-2027, which the Ukraine Facility is part of, in view of reaching an agreement as swiftly as possible.
The provisional agreement is subject to approval by the Council and Parliament before the text can go through the formal adoption procedure. Once adopted it will be published in the EU’s Official Journal and enter into force on the next day.
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