Ukraine signs £2 billion loan agreement with UK

The framework agreement, in particular, involves providing a loan valued at 2 billion pounds to finance Ukraine's defense needs, as reported by Ukraine's Ministry of Defense.

The purpose of the agreement is to provide financial support for strengthening Ukraine's defense capabilities, which includes the purchase of modern weapons, military equipment, and other defense equipment in accordance with NATO standards.

"According to the framework agreement, the loan will be utilized for implementing large-scale initiatives aimed at enhancing Ukraine's defense capabilities. This will reduce the burden on the state budget and allow in the short term to obtain the necessary weapons for the defense of our state, first of all, in the field of air defense," said Ukrainian Defense Minister Rustem Umerov.

The loan is granted for 15 years with the possibility of extension and at a favorable interest rate.

Umerov emphasized that this agreement is crucial for strengthening Ukraine’s defense capabilities. 

"We are grateful to the British partners for their support and are sure that this partnership will help us in ensuring security and peace in Ukraine," Rustem Umerov concluded.

To ensure transparency and effective use of funds, a joint panel comprising officials of both governments would oversee the targeted use of the loan.

• Ukrainian President Volodymyr Zelenskyy will address a British government meeting for the first time since Clinton in 1997.