The Strategist

European Parliament approves €18 billion aid for Ukraine's reconstruction

11/25/2022 - 02:41

A new proposal for financial assistance to Ukraine in the amount of €18 billion for 2023 has received backing from the European Parliament, said Roberta Metsola, the speaker of the parliament.

Dietmar Rabich
Dietmar Rabich
"The European Parliament recently approved €18 billion for Ukraine in record time. Our stance in favor of Ukraine has only become stronger after nine months of indiscriminate fighting. We will not yield," Ms. Metsola posted a message on Twitter.

Early in November, the European Commission put forth a plan for providing Ukraine with up to €18 billion in economic assistance. The money will be given in the form of preferential long-term loans so that it may be used to pay immediate needs, restore vital infrastructure, and reconstruct the nation when hostilities have ended. The proposal must then be ratified by the European Union Council following acceptance by the European Parliament.

The European Commission (EC) pledged to give Ukraine €9 billion in May, but in November the Commission decided it would be difficult to pay the final €3 billion to Kiev. One billion euros in August, 500 million euros in September, and two billion euros in October total the €3,5 billion that have so far been contributed.