The European Parliament supports the creation of the Ukraine Facility
The European Parliament has supported the creation of a new financial instrument for Ukraine, Ukraine Facility.
The Prime Minister of Ukraine, Denys Shmyhal, announced this.
The volume of the Ukraine Facility is up to €50 billion. This programme provides financial support to Ukraine for 2024-2027. It consists of three components:
- financial support in the form of grants and loans;
- special investment structure designed to attract public and private investment for Ukraine's recovery;
- technical assistance (expert support for reforms, support for civil society, and other forms of bilateral assistance).
In 2024, Ukraine expects to receive €18 billion to finance the budget deficit, social benefits, pensions, and salaries for doctors and teachers.
Currently, the Ukrainian government and the European Commission are working to implement the necessary changes and transformations to open access to the programme. These include digitalisation, integration into European markets, human capital development, and energy independence.
Ukraine has to prepare a plan for the country's recovery, reconstruction, and modernisation, as well as detail the reforms and investments to be implemented as part of the EU accession process.
