EU ambassadors agree on $4.6 billion tranche under Ukraine Facility
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EU ambassadors supported on July 24 the transfer of 4.2 billion euros ($4.55 billion) to Kyiv as the first regular payment under the Ukraine Facility.
The funds will be directed toward "Ukraine's recovery, reconstruction, and modernization."
The four-year Ukraine Facility allocates 33 billion euros ($36 billion) in loans and 17 billion euros ($18 billion) in grants, conditional on certain reforms that the Ukrainian government is obliged to carry out.
The European Commission sanctioned the disbursement earlier this month. After all EU members voiced their support, the matter must be finalized in writing by the Council of the EU.
The EU approved the Ukraine Facility in February, and the EU Council approved the framework agreement in mid-May, setting out the Ukrainian government's tasks for recovery, reconstruction, and modernization.
Kyiv already received several pre-financing "bridge" tranches under the assistance plan earlier this year and expects to receive more than $17 billion within 2024.
