Von der Leyen: EU aims to start payments of $54 billion Ukraine Facility fund in March

The EU aims to begin payments from the 50 billion euro ($54 billion) Ukraine Facility fund in March, said European Commission President Ursula von der Leyen on Feb. 6.

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 and the Council of the EU concluded a preliminary agreement on Feb. 5  regarding the 50 billion euros ($54 billion) for the Ukraine Facility, the Council's press service said earlier on Feb. 6.

"Last night’s political agreement on the 50 billion euro ($54 billion) Ukraine Facility is a major step forward," said von der Leyen.

"We will continue to deliver much-needed funding and predictability for our brave partner (Ukraine) and aspiring member. We aim to start payments in March."

The 50 billion euro ($54 billion) sum, which is part of a broader EU budget called the Multiannual Financial Framework (MFF), is split between 33 billion euros ($35.5 billion) in loans and 17 billion euros ($18.3 billion) in grants.