Agnes Szucs
September 07, 2022•Update: September 07, 2022
BRUSSELS
The European Commission proposed on Wednesday to loan €5 billion ($4.95 billion) to Ukraine as a second tranche of the bloc’s €9 billion ($8.92 billion) micro-financial assistance package.
“Today we take another decisive step to help our embattled neighbor with this proposal for a further €5 billion in macro-financial assistance,” Paolo Gentiloni, EU commissioner for economy, said in a press statement.
“As previously announced, up to €3 billion ($2.97 billion) more will follow. We will not waver in our support for Ukraine and its people,” he added.
The proposal complements the already disbursed first tranche of €1 billion ($991.6 million) from the EU package to help Ukraine cover its financial needs.
Once approved, the European Commission will borrow from the financial markets to cover the long-term loan for Ukraine that the country can repay on favorable terms, including interest costs and administration fees covered by the EU.
The European Parliament and EU member states have yet to approve the decision.
