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Swiss parliamentary committee backs proposal to send $5.5 billion in aid to Ukraine

by Nate Ostiller and The Kyiv Independent news desk April 26, 2024 11:08 AM 2 min read
The Federal Palace, Switzerland's parliament building, in Bern, Switzerland, March 2023. (Stefan Wermuth/Bloomberg via Getty Images)
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A Swiss parliamentary committee supported a proposal on April 25 to provide 5 billion Swiss francs ($5.5 billion) in aid to Ukraine, moving the funding closer to being fully passed by the government.

Switzerland's Federal Council announced the plans earlier in April, saying the funds would be allocated to support Ukraine's economic development and reconstruction.

While the proposal must still get through more legislative steps before becoming law, it was supported by lawmakers from both center-right and center-left parties.

The funding for Ukraine was part of a larger package to improve Switzerland's defense capabilities, and it earmarked an additional 10.1 billion Swiss francs (~$11 billion) for the military.

While refusing to supply Kyiv with military aid on account of its long-term neutrality policy, Switzerland has provided economic and humanitarian support worth over $3 billion.

Switzerland also hosted the 2022 Ukraine Recovery Conference in Lugano, which laid down principles for Ukraine's reconstruction and recovery.

Switzerland is also set to host a global peace summit on Russia's war against Ukraine, with 80-100 countries invited to attend.

The conference is scheduled to place on June 16-17 in Lucerne, unnamed sources told Bloomberg.

The country is also reportedly ramping up efforts to prevent companies and individuals from using the country to circumvent sanctions imposed against Russia.

Denmark to allocate around $450 million for Ukraine’s reconstruction, energy sector
Copenhagen will allocate around 420 million euros ($450 million) to Kyiv as part of a memorandum of understanding on long-term cooperation and reconstruction signed on April 23, Ukraine’s Economy Ministry reported.
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