MEPs approve EUR 18 billion loan for Ukraine

The European Parliament has approved an EUR 18 billion loan to support Ukraine during Russia’s war against the country.

Members of the European Parliament during a voting session in Strasbourg, France on October 5, 2022.

Photo: EPA/JULIEN WARNAND

The loan will cover roughly half of the estimated EUR 3-4 billion monthly funding Ukraine needs in 2023, the EU legislature said in a statement.

It added that the money would go to supporting essential public services, such as running hospitals, schools, and providing housing for relocated people.

The funds will also be used to ensure Ukraine's macroeconomic stability and restore its critical infrastructure destroyed by Russia, according to the statement.

The regulation was adopted on Thursday with 507 votes to 38 and 26 abstentions.

European Parliament President Roberta Metsola said after the vote: “Ukraine is fighting for European values. The European Parliament and the European Union have shown remarkable solidarity with Ukraine on the humanitarian, military and financial front. Importantly, we have granted Ukraine EU candidate status."

In record speed, @Europarl_EN has just approved €18 billion for Ukraine to survive the war and start its reconstruction.

9 months into Kremlin's indiscriminate war, our support to Ukraine only grows stronger. We won't budge.#StandWithUkraine #GeneratorsofHope 🇪🇺🇺🇦

— Roberta Metsola (@EP_President) November 24, 2022

The loan now has to be approved by the European Council before the European Commission can disburse the support early next year, according to the europarl.europa.eu website.

(gs)

Source: PAP, europarl.europa.eu