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

The EU's High Representative for Foreign Affairs Josep Borrell.
The EU’s High Representative for Foreign Affairs and Security Policy, Josep Borrell. Credit: TVC news
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.

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