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European Parliament approves 50 billion euro package for Ukraine

by Elsa Court and The Kyiv Independent news desk February 27, 2024 1:42 PM 2 min read
The European Parliament in Brussels, Belgium on Feb. 24, 2024. (Dursun Aydemir/Anadolu via Getty Images)
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The European Parliament voted to approve the 50 billion euro ($54 billion) funding package for Ukraine, known as the Ukraine Facility, as part of the EU budget on Feb. 27.

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 Ukraine Facility was approved in the European Parliament with 536 votes in favor, 40 against, and 39 abstentions.

After the European Council agreed to the financing, members of the European Parliament (MEPs) negotiated the establishment of a "Ukraine Facility Dialogue," the parliament said.

This guarantees that MEPs will have "regular discussions with the (European) Commission every four months on the progress and implementation of the Facility, fostering greater transparency and democratic oversight."

The European Parliament also strengthened the involvement of the Verkhovna Rada, Ukraine's parliament, which "has significantly enhanced the democratic legitimacy of the Facility in Ukraine."

Grants make up 33% of the funding of the Ukraine Facility, "with at least 20% dedicated to the recovery, reconstruction, and modernization of Ukraine's sub-national authorities such as regions, cities, and local communities," according to the European Parliament.

"Another 20% of the Facility's investments will be earmarked for green initiatives, and 15% of support directed towards small and medium-sized enterprises."

Ukraine's Prime Minister Denys Shmyhal said he was grateful to MEPs and the European Parliament President Roberta Metsola "for their solidarity with the Ukrainian people" and "determination to support Ukraine."

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