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EU Council gives final approval to 50 billion euros in financing for Ukraine

by Martin Fornusek and The Kyiv Independent news desk February 28, 2024 8:27 PM 2 min read
The EU flag and the Ukrainian flag by the Tower of the British Parliament as part of a pro-EU demonstration in London.
The EU flag and the Ukrainian flag fly together by the Tower of the British Parliament as part of a pro-EU demonstration in London on Nov. 15, 2023. (Krisztian Elek/SOPA Images/LightRocket via Getty Images)
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The EU Council on Feb. 28 approved 50 billion euros ($54 billion) in loans and grants for Kyiv, giving the final go-ahead for the four-year Ukraine Facility tool.

The package provides funding to Ukraine from 2024 to 2027, with 33 billion euros ($35.8 billion) available in loans and 17 billion euros ($18.5 billion) in grants.

After months of obstruction by Hungary, European leaders agreed on the four-year financing for Kyiv during a European Council summit on Feb. 1. The European Parliament gave its approval on Feb. 27.

From the overall sum, 2 billion euros ($2.17 billion) are allocated to migration and border management, 7.6 billion euros ($8.2 billion) to neighborhood and international relations, 1.5 billion euros ($1.63 billion) for the European Defense Fund, 2 billion euros ($2.17 billion) for the flexibility instrument, and 1.5 billion ($1.63 billion) for Solidarity and Emergency Aid Reserve.

The regulations signed by the EU Council will enter into force on the day of their publication in the coming days and will retroactively apply from Jan. 1.

"I am grateful to the EU partners for the important decision to support Ukraine," Ukraine's Finance Minister Serhii Marchenko said.

"Thanks to the active work of the Government of Ukraine and representatives of the European Commission within the framework of the Program, Ukraine will go confidently toward its European future."

The first payment of 4.5 billion euros ($4.9 billion) under the Ukraine Facility is expected to be disbursed in March.

EU to send 4.5 billion euros to Ukraine in March in first payment under new aid program
The European Union’s new 50 billion euro ($54 billion) Ukraine Facility will make its first transfer of 4.5 billion euros ($4.9 billion) to Ukraine in March, European Commission President Ursula von der Leyen said on Feb. 24.
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