50 Billion Euro

Last Feb 1st special gathering of the European Council, leaders of the EU achieved a significant breakthrough by endorsing the Commission's proposition to extend consistent and predictable financial assistance to Ukraine until 2027.

This initiative, dubbed the "Ukraine Facility," pledges to provide Ukraine with up to €50 billion in grants and highly concessional loans. This vital funding is earmarked to sustain Ukraine's governmental operations, ensure timely payments of salaries and pensions, and uphold essential public services, all while the country continues to defend itself against Russian aggression.

Following the summit's conclusion, President von der Leyen expressed, "Today, Europe stands stronger," emphasizing the European Council's reaffirmation of steadfast support for Ukraine. She emphasized Ukraine's integral role in defending shared European values, asserting Europe's commitment to provide necessary funding and the stability Ukraine deserves.

The Ukraine Facility was initially proposed by President von der Leyen in June 2023 as part of a comprehensive review of the Multiannual Financial Framework (MFF), which aimed to allocate resources to the EU's most pressing priorities.

Heads of State and Government reached a consensus on the broader review, with the President remarking, "I am pleased that we secured 80% of the requested funding. While faced with challenging decisions, we have achieved a commendable outcome."

The agreement encompasses provisions for migration management, assistance to partners in the Western Balkans and the southern neighborhood, and bolstering the EU's capabilities to respond to humanitarian crises and natural disasters both within the EU and globally.

Significantly, additional funding will be allocated to the Strategic Technologies for Europe Platform (STEP), facilitating the development of critical technologies essential for enhancing Europe's competitiveness.