Canada pledges 500 million euros toward Ukraine support loan amid 2027 budget shortfall
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Canada will contribute an initial 500 million euros ($559 million) to the European Union's Ukraine Support Loan, Canadian Prime Minister Mark Carney announced on Oct. 30, joining Kyiv's other partners in an effort to bridge the country's budget gap.
Kyiv expects a shortfall of at least 70 billion euros ($78 billion) next year, even after accounting for 45 billion euros ($50 billion) that the EU is already set to disburse.
"As for the loan to Ukraine, 500 million euros will be our initial contribution," Carney said during the EU-Canada Summit in Montreal, according to Interfax-Ukraine.
Canada's participation in the 90 billion-euro loan mechanism would also allow Ukraine to purchase military equipment from Canadian defense companies using EU funds, according to a Canadian government backgrounder.
Canada had previously been in talks to join the mechanism, and is likely to announce further, additional direct financial support for Kyiv.
The Canadian contribution follows similar announcements made by other allies.
Norway pledged $9 billion for 2027 on Oct. 7, and on Oct. 28, the U.K. announced a $13 billion pledge to Ukraine, its largest ever.
Ukraine's budget gap is also being actively discussed by the European Commission and the 27 EU countries, with hopes high that the bloc will announce additional financial support on top of the 45 billion euros by the end of the year.
