EP Approves 18 Billion Euro Loan For Ukraine For 2023| MENAFN.COM

Sunday, 27 November 2022 10:41 GMT

EP Approves 18 Billion Euro Loan For Ukraine For 2023


(MENAFN- Kuwait News Agency (KUNA)) BRUSSELS, Nov 24 (KUNA) -- The European Parliament on Thursday passed a resolution to approve an 18 billion euro (USD 18.7 billion) loan for 2023 to support Ukraine during Russia's war against the country.
It was adopted with 507 votes to 38 and 26 abstentions.
The money will go to supporting essential public services - such as running hospitals, schools, and providing housing for relocated people -, macroeconomic stability and the restoration of critical infrastructure destroyed by Russia, said the EP in a press release.
The loan is conditional for Ukraine. It requires reforms to strengthen the country's institutions and prepare it both for reconstruction and its path towards EU membership.
The loan now has to be approved by unanimity in the Council of the EU on 6 December before the European Commission can tap the markets for the loans and disburse the support in early 2023. (end)
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