2022-04-19T16:29:00+03:00 Politics 2024-09-15T07:29:47+03:00

Ukrainian news

EU Can Pay For Most Of Ukraine’s Restoration - Bloomberg

EU Can Pay For Most Of Ukraine’s Restoration - Bloomberg

The European Union will create a trust fund to finance the restoration of Ukraine destroyed by the war, covering the bulk of the necessary funds. It is reported by Bloomberg.

The European Commission noted that a tool is being developed that is focused on the long-term needs of the country. At the same time, the block will pay most of the bills, the agency's interlocutors emphasized.

Modeled on the COVID-19 recovery fund for member states, it will finance investments and reforms agreed with the Ukrainian government. At the moment, it is not clear exactly how much funds will be provided through grants or loans.

As the war continues, the EU executive does not want to give an exact figure, but told EU ambassadors that the amount will reach hundreds of billions of euros within decades.

Much of the initial assistance will go towards rebuilding infrastructure and supporting the delivery of public services. The agricultural sector will also require special attention, as one of the main types of economic activity in Ukraine.

The EU recalled that the bloc has already allocated EUR 600 million in soft loans since the beginning of the war and is accelerating the approval of an additional EUR 600 million that can be provided this summer.

On March 1, the European Parliament recommended granting Ukraine the status of a candidate for joining the EU.

The European Union will consider granting Ukraine the status of a candidate for membership in the European Union at a summit of leaders in June.