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Canada disbursing 1st tranche of its G7 loan contribution for Ukraine

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Canada disbursing 1st tranche of its G7 loan contribution for Ukraine
Canadian Prime Minister Justin Trudeau arrives for a meeting at the North Atlantic Treaty Organization (NATO) Summit in Washington, D.C., on July 11, 2024. (Kent Nishimura/Getty Images)

Canada is disbursing the first installment of 5 billion Canadian dollars ($3.5 billion) it contributed to the G7's $50 billion loan for Ukraine, Canadian Prime Minister Justin Trudeau announced on Feb. 24.

The G7 loan, shouldered mainly by the U.S. and the EU, will be repaid by proceeds from roughly $300 billion in Russian assets held in Western bank accounts. The Canadian prime minister did not specify the sum of the first installment.

Speaking at the Support Ukraine summit in Kyiv, Trudeau also announced new military support for the besieged country.

This assistance will include 25 LAV III infantry fighting vehicles, two combat support vehicles, and four F-16 flight simulators, provided "on top of million rounds of ammunition, components for drone cameras, and first aid kits," Trudeau said.

Since the outbreak of the full-scale war, Canada has allocated 4.5 billion Canadian dollars ($3.2 billion) in military assistance to Ukraine, a figure that includes future commitments through 2029.

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Martin Fornusek

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Martin Fornusek is a reporter for the Kyiv Independent, specializing in international and regional politics, history, and disinformation. Based in Lviv, Martin often reports on international politics, with a focus on analyzing developments related to Ukraine and Russia. His career in journalism began in 2021 after graduating from Masaryk University in Brno, Czechia, earning a Master's degree in Conflict and Democracy Studies. Martin has been invited to speak on Times Radio, France 24, Czech Television, and Radio Free Europe. He speaks English, Czech, and Ukrainian.

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