The European Parliament voted to endorse a proposal for financing Ukraine's "recovery, reconstruction, and modernization from 2024" worth 50 billion euros ($52.8 billion), the parliament's press office announced on Oct. 17.
The vote on the creation of the Ukraine Facility, as the financing package is known, saw 512 MEPs vote in favor, 45 against, and 63 abstentions.
The Ukraine Facility will be part of the EU's long-term budget, which "has been severely depleted following the multiple crises that have occurred since 2021," according to the press office.
The official adoption package will therefore be put to a vote in the coming months, along with the revision of the long-term EU budget.
The European Commission first revealed the proposals for the Ukraine Facility in June 2023, with the aim to finance Kyiv's current expenditures and urgent reconstruction through grants, concessional loans, and guarantees.
The proposal was made public ahead of the June 22 Ukraine Recovery Conference in London, where donors discussed ways to aid Ukraine's reconstruction.
It is to be financed through contributions of European Union member states and cover the period from 2024-2027.
The Ukrainian government is required to implement "key reforms on its EU accession track" in order to access this support, the European Commission explained.
"Significant emphasis will be placed on public administration reform, good governance, the rule of law, anti-corruption, and sound financial management," according to the commission.
European leaders granted Ukraine candidate status on June 23, 2022, in a historic step on the long and difficult path to EU membership. There is no timeline set for the accession process, and it may take years to complete.
However, on Sept. 26, Prime Minister Denys Shmyhal announced that the Ukrainian government has implemented all seven steps recommended by the European Commission for EU accession talks to begin.
On Oct. 2, Ukrainian Foreign Minister Dmytro Kuleba said that "considering all the reforms that Ukraine has carried out, is carrying out, and will carry out," the process is moving forward "with maximum speed."