STRASBOURG (France): The European Parliament on Tuesday backed giving an extra 50 billion euros ($53 billion) in European Union money over the next four years to help rebuild a Ukraine shattered by Russia’s invasion.
The proposal, advanced by the European Commission in June, would see a mix of grants and loans go to Ukraine as a line in the bloc’s longterm 2024-2027 budget.
It was adopted by 512 MEPs (members of the European Parliament), with 45 voting against and 63 abstaining. The result means negotiations can now start with EU member states on the final details of the Ukraine Facility, which would go some way to help Ukraine plug gaps in its finances.
Once it is operational, the reserve will bring the European Union’s overall multi-year financial commitments to Ukraine to more than 100 billion euros, making Brussels a vital source of support for Kyiv.
The United States, which has hit headwinds in Congress over providing more aid to Ukraine, has so far committed $43 billion in military assistance and approved $113 billion in aid, including humanitarian help.
Disbursements of the EU’s Ukraine Facility are expected to be contingent on judiciary and anti-corruption reforms that Kyiv has promised as part of its bid to one day join the EU.
In March, the World Bank estimated Ukraine’s total long-term reconstruction costs at more than 380 billion euros.
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