EU pledges to loan Ukraine up to $39 billion to help rebuild its economy and power grid
The European Union is ready to lend Ukraine up to $39 billion as part of a loan package organized by the Group of Seven major industrial nations
KYIV, Ukraine (AP) — The European Union pledged on Friday to lend Ukraine up to 35 billion euros ($39 billion) as part of a loan package organized by the Group of Seven major industrial nations, as it seeks to help the country rebuild its economy and its war-shattered power grid.
G7 leaders agreed in June to engineer a $50 billion loan to help Ukraine in its fight for survival. Interest earned on profits from Russia’s frozen central bank assets would be used as collateral, but progress in distributing the loans has been slow.
“We should make Russia pay for the destruction it caused,” European Commission President Ursula von der Leyen told reporters at a news conference in Kyiv with President Vlodymyr Zelenskyy in Kyiv.
Von der Leyen said that the EU has already provided Ukraine with more than 118 billion euros ($132 billion) in military and economic assistance since the war began in February 2022, “but Russia’s relentless attacks mean further support is necessary.”
