Borrell: European Commission provides $ 4.8 bn in its first macro-finance tranche to Ukraine

The European Commission transferred the first tranche of macro-financial assistance to Ukraine from the large €50 billion ($…

Mar 20, 2024 - 10:26
Borrell: European Commission provides $ 4.8 bn in its first macro-finance tranche to Ukraine

The European Commission transferred the first tranche of macro-financial assistance to Ukraine from the large €50 billion ($ 54 billion) support package, the EU Foreign Policy Chief Josef Borell said on 20 March at a briefing in Brussels following the Ukraine-EU Association Council meeting.

Borrelll said the first tranche amounted to €4.5 billion ($ 4.8 billion).

“Today we have also made the first payment of €4.5 billion under the Ukraine Facility, our €50 billion package to support Ukraine’s recovery, reconstruction and modernization,” Borrelll said.

According to Borrelll, the European Council will discuss on 21 March how to accelerate Ukraine’s accession to the EU.

The European Parliament adopted on 27 February the preliminarily agreed version of the document implementing the new €50 billion ($ 54 billion) Ukraine Facility support mechanism over four years. It was approved on the next day, on 28 February, by the EU Council.

The package provides funding to Ukraine from 2024 to 2027, with €33 billion ($35.8 billion) available in loans and €17 billion ($18.5 billion) in grants.

Ukraine is reportedly to receive the first two tranches under the Ukraine Facility – €4.5 billion ($ 4.8 billion) in March and €1.5 billion ($ 1.6 billion) in April.

Read also:

You could close this page. Or you could join our community and help us produce more materials like this.  We keep our reporting open and accessible to everyone because we believe in the power of free information. This is why our small, cost-effective team depends on the support of readers like you to bring deliver timely news, quality analysis, and on-the-ground reports about Russia's war against Ukraine and Ukraine's struggle to build a democratic society. A little bit goes a long way: for as little as the cost of one cup of coffee a month, you can help build bridges between Ukraine and the rest of the world, plus become a co-creator and vote for topics we should cover next. Become a patron or see other ways to support. Become a Patron!