European Parliament set to approve €35bn loan for Ukraine
by Tommy Meskill, https://www.facebook.com/rtenews/ · RTE.ieThe European Parliament is set to approve a loan of up to €35 billion for Ukraine, which will be repaid using revenues from frozen Russian assets.
MEPs will vote on the financial assistance package later today.
It is part of a wider effort by G7 countries to provide €45bn to Ukraine.
Since the outbreak of war in Ukraine, the European Union has provided around €118bn in financial aid.
However, the country's financing needs for next year are expected to outstrip current projections.
The €35bn loan will be "undesignated", allowing Ukraine to allocate the funds as it deems appropriate.
It will be repaid for using money from frozen assets belonging to the Russian Central Bank.
Earlier this month the European Council, comprising EU Members states, reached agreement on providing the €35bn loan.
It is now the turn of the European Parliament to give its approval. The vote will take place later today during a sitting of the European Parliament in Strasbourg.
Major groups in the parliament have indicated that they will back the proposal, leading to expectations that the loan will be approved by MEPs.