EU to loan Ukraine $39bn to rebuild power grid destroyed in Russian attacks
Al Jazeera
European Commission chief pledges support during visit to Kyiv, with funds to be used to bolster Ukraine’s economy.
The European Union has pledged to loan Ukraine up to 35 billion euros ($39bn) as part of a plan by the Group of Seven (G7) nations to raise $50bn through profits from frozen Russian state assets.
The loan, announced by European Commission President Ursula von der Leyen in Kyiv on Friday, will help Ukraine repair its war-battered energy grid and boost its heating capacity as winter approaches.
“You will decide how best to use your funds,” von der Leyen told President Volodymr Zelenskyy, who said his priorities were to rebuild the energy network, build more bomb shelters, improve schools and buy more weapons.
In June, the leaders of the G7 nations – Canada, France, Germany, Italy, Japan, the United Kingdom and the United States – agreed to finance a $50bn loan for Ukraine on the back of future profits from frozen Russian assets. The EU also participates in all G7 discussions.
“Relentless Russian attacks mean Ukraine needs continued EU support,” von der Leyen posted on X as she announced the loan, calling it “another major EU contribution to the Ukraine’s recovery”.
