EU Commits €50 Billion Aid Package to Support Ukraine

At a meeting of the Special European Council in Brussels on 1 February, all 27 leaders of the European Union member states agreed to provide a four-year aid package to Ukraine worth €50 billion, including €17 billion in grants and €33 billion in loans.

This was announced by the President of the European Council Charles Michel on social media platform X.

"We have an agreement. Unity. All 27 leaders agreed on an additional €50 billion package of support for Ukraine within the EU budget. This provides stable, long-term, predictable funding for Ukraine," Charles Michel wrote.

He added that the EU takes leadership and responsibility in supporting Ukraine.

"We know what is at stake," said the President of the European Council.

The €50 billion financial assistance package for Ukraine for 2024-2027 includes the establishment of the Ukraine Stability Mechanism to ensure long-term stability in Ukraine and the Strategic Technology for Europe Platform (STEP) to make Europe more competitive.  

For Ukraine, this decision means maintaining financial and economic stability, attracting public and private investment to rebuild Ukraine and implementing reforms to strengthen the competitiveness of Ukraine's economy on its path to European integration.

The decision to approve the Ukraine Facility is not only financial support, but also an important signal of confidence in Ukraine as a partner and future EU member. For the second year in a row, the joint efforts of the Government of Ukraine and international partners have allowed us to maintain financial stability in the face of the challenges of a full-scale war. This decision will help to maintain the progress made in the financial and economic spheres in 2023 and will stimulate the acceleration of Ukraine's recovery.