The EU Council, on Saturday, December 10, approved the provision of a €18 billion loan to Ukraine in 2023 with a 10-year grace period, according to the website of the Council. The European Parliament will have to approve the decision next week.
“Ukraine can count on the EU. We will continue to support Ukraine, including financially, for as long as it takes. The act that we adopted today means that Ukraine can count on regular financial assistance from the EU throughout 2023,” said Czech Finance Minister Zbigniew Staniura.
Member States will, during the grace period, cover the bulk of the interest costs from external designated revenues. This borrowing will be guaranteed either from the EU budget or from Member States. Earlier it was reported that Hungary blocked the issue of this loan.
The loan is provided to finance Ukraine's urgent needs, rebuild critical infrastructure and provide initial support to rebuild Ukraine's communities "on its path to European integration."
