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Kyiv to receive $6.5 billion in EU transitional financing under Ukraine Facility

by Martin Fornusek March 12, 2024 9:03 PM 2 min read
EU flags in front of the European Commission building in Brussels, Belgium.
EU flags in front of the European Commission building in Brussels, Belgium, on Dec. 28, 2023. Photo for illustrative purposes. (Dursun Aydemir/Anadolu via Getty Images)
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Ukraine and the EU signed an agreement on March 12 on transitional financing of 6 billion euros ($6.5 billion) for Kyiv as part of the bloc's long-term 50 billion euro ($55 billion) support plan, the Ukrainian Finance Ministry announced.

The EU approved the four-year Ukraine Facility in February, allocating 33 billion euros ($36 billion) in loans and 17 billion euros ($18.6 billion) in grants.

Based on the newly signed agreement, Ukraine's state budget should receive 4.5 billion euros ($4.9 billion) in transitional financing in March and the remaining 1.5 billion euros ($1.6 billion) in April "after the European Commission evaluates the completed indicators."

"I am grateful to the European Union for its significant and timely financial support," Finance Minister Serhii Marchenko said while signing the document.

"The transitional financing mechanism will cover the urgent budget needs until the final approval of the Ukraine plan for the Ukraine Facility," he added.

Kyiv prepared a draft of the plan, which details its vision for Ukraine's recovery, reconstruction, and modernization under the Ukraine Facility, in December 2023, submitting it to the European Commission.

After the plan is fully approved, an additional 1.9 billion euros ($2.1 billion) in unconditional financing would be made available for Ukraine, the Finance Ministry said.

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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