The European Parliament and the Council of the EU agree on a €50B Ukrainian fund.

The new fund will combine EU budget support into a single instrument, providing Ukraine with broad, predictable, and flexible assistance for 2024-2027. The fund will consist of three components.

The first provides that the Cabinet of Ministers will develop a Ukrainian Plan, which will determine the goals for the country’s recovery, reconstruction, and modernization and contain reform plans within the framework of joining the EU. The money will be provided based on the implementation of this plan, subject to the necessary conditions and payment schedule.

The second component will provide support in the form of budget guarantees and will combine grants and loans from public and private institutions. These guarantees will cover credit risks.

The third component is assistance to the EU within the framework of Ukraine’s accession to the EU and the implementation of structural reforms.

The total budget of €50B will be divided into €33B in loans and €17B in grants. Payments are scheduled to begin in March.