Espreso. Global

EU €50 billion aid for Ukraine: first tranche expected in March

9 February, 2024 Friday
14:17

European Commissioner for Neighborhood and Enlargement Oliver Várhelyi announced the first tranche of €50 billion in new funds to support Ukraine is expected in early March

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The Financial Times announced the information.

“For the bridge financing . . . the first part of March is our ambition,” Várhelyi said in an interview. “This is an absolute must, especially with what is going on now in the US.”

“This way we will be back on track . . . and will help them with their financial difficulties,” he added.

Once Ukraine receives the funds, the work will move on to creating a more formalized "money for reforms" plan agreed between Kyiv and Brussels, under which Ukraine will receive €50 billion in quarterly installments.

According to FT, the concept is to link current financial assistance (which Kyiv claims is necessary to keep the state functioning in the midst of war) to the course of reforms required of potential members of the bloc.

 “Our funding is not just aid. Our funding is based on conditionalities and deliverables. So basically now we need to see a credible plan, reform plan, from Ukraine. It’s almost done, basically,” Várhelyi said. 

  • On February 1, all 27 EU member states agreed to provide €50 billion in aid to Ukraine.
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