The European Union (EU) reached an agreement on the details of a 90-bln-euro loan package to support Ukraine, according to a statement released by the European Commission on Wednesday.
The Commission said that representatives of EU member states to the EU held a closed-door meeting in Brussels on the same day, during which they discussed a financial assistance plan previously proposed by the Commission.
The plan prepares to provide Ukraine with 90 billion euros in loans over the 2026–2027 period.
After discussion, the representatives reached consensus on the key details of the loan package.
While the full terms of the plan have not yet been made public, the Commission stated that 60 billion euros of the funds will be allocated to Ukraine's defense needs, while the remaining 30 billion euros will support the country's overall state budget.
After months of negotiations, the EU has so far failed to reach an agreement on using frozen Russian assets in the bloc to finance assistance to Ukraine.
At an EU summit held in December last year, EU leaders agreed to provide aid to Ukraine through joint EU borrowing. The European Commission formally put forward the loan proposal on January 14.
The plan still requires approval from the European Parliament. The Commission said it hopes that the Parliament will give tis approval as soon as possible, allowing the EU to begin borrowing on financial markets and to provide the first batch of loan to Ukraine in early April.
EU agrees details of 90-bln-euro loan package for Ukraine
