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UK announces $500 million in loan guarantee for Ukraine

The humanitarian aid will help Ukraine’s government make winter support payments to three million households.
Credit: JUAN MEDINA/POOL/AFP via Getty Images
UK announces $500 million in loan guarantee for Ukraine

British Prime Minister Rishi Sunak announced new financial contributions to support Ukraine on 5 October while attending the European Political Community summit in Granada, Spain.

The UK will provide a fourth World Bank loan guarantee worth $500 million. This will help Ukraine’s government make vital winter payments to three million households, according to the British government’s report.

Other planned tranches include $41 million for UN agencies and charities providing housing and winter clothing, plus $12 million for domestic electricity that could be disrupted by Russia attacking critical energy infrastructure. report reads

Sunak and Ukrainian President Volodymyr Zelenskyy also met bilaterally at the summit, discussing the need to sustain international backing for Ukraine, security cooperation, and operation of Ukraine grain export routes in the Black Sea, Zelenskyy said on Twitter.

In June 2022, the UK announced a three-year financial aid package for Ukraine anchored by $3 billion in loan guarantees to the World Bank.

The package includes more than 70 combat and logistic vehicles, thousands of rounds of ammunition for Challenger 2 tanks, and a 50 million pound ($64.7 million) support package for equipment repair.

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