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European Parliament approves 35 billion euro loan plan for Ukraine

TH (according to VNA) October 22, 2024 21:00

European Union (EU) lawmakers have approved the bloc's plan to use frozen assets of the Russian central bank to lend up to 35 billion euros ($38 billion) to Ukraine.

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European Commission headquarters in Brussels, Belgium

The European Parliament voted 518 in favour, 56 against and 61 abstentions on the planned loan to the Kiev government, which was agreed by EU member states' governments earlier in October.

The Group of Seven (G7) industrialized nations, including the US, Canada, Japan, the UK, France, Germany and Italy, and the EU also reached an agreement on providing a $50 billion loan to Ukraine based on profits generated by Russian fixed assets in the West, which were frozen shortly after the Russia-Ukraine conflict broke out in February 2022.

Previously on October 21, the UK also announced that it would lend Ukraine 2.23 billion pounds (2.9 billion USD).

Ukrainian Prime Minister Denys Shmyhal stressed that this important loan from the EU, part of the G7's $50 billion loan, will help address Ukraine's urgent financial needs.

TH (according to VNA)
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European Parliament approves 35 billion euro loan plan for Ukraine