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European Commission President Ursula von der Leyen has marked another important step in the bloc’s commitment to supporting Ukraine by announcing the transfer of the first tranche under the EU’s €90 billion Ukraine Support Loan. Speaking at a Brussels press conference, President von der Leyen hailed this development as ‘European solidarity in action’ – a gesture aimed at assisting Ukraine in its recovery, particularly since the beginning of Russia’s full-scale invasion in February 2022.
According to sources, the €18 billion loan will be divided among various recipient sectors, including agriculture, transport, healthcare, and housing, to support Ukraine’s post-war reconstruction and stabilization. This financial assistance will enable Ukraine to restore and develop its economy, providing essential support to the country’s most vulnerable communities.
In highlighting the significance of this loan, President von der Leyen acknowledged the importance of EU support in bolstering Ukraine’s resilience and capacity to recover from the ongoing conflict. ‘We stand with the Ukrainian people in their effort to restore peace and rebuild their country,’ she stated. The EU president emphasized her determination to continue collaborating with the Ukrainian government in achieving long-term goals, aimed at fostering sustainable growth and economic stability.
Ukraine’s Prime Minister Denys Shmyhal, who welcomed the loan as a critical contribution to the country’s rehabilitation process, expressed his gratitude for European solidarity. In turn, Ukraine’s government plans to direct 30% of the initial €18 billion tranche specifically towards energy sector recovery, reflecting the urgent need to address supply and infrastructure shortages.
The European Commission has been at the forefront of mobilizing EU solidarity with Ukraine since the onset of the war, coordinating the bloc’s efforts to deliver vital aid to Ukraine’s war-torn territories. President von der Leyen noted, ‘The European Union will continue to stand by Ukraine as a steadfast partner. Together with our Member States and Ukraine, we will ensure that the country has the necessary resources to rebuild and develop.’ As the first tranche takes effect, it is expected that other EU member states will step forward to provide essential funding, further solidifying the EU’s resolve to assist Ukraine in its reconstruction efforts.