The European Commission is set to pay a support package worth €2.3 billion to Ukraine, it was announced on Thursday, July 10th.
Speaking at the Rome recovery conference, embattled Commission chief Ursula von der Leyen highlighted the European Union’s “steadfast commitment to Ukraine’s recovery and its future in the EU.”
Under the Ukraine Investment Framework, this latest package—agreed with international and bilateral public financial institutions—would guarantee loans to Ukraine worth €1.8 billion while unlocking a further €580 million in grants. EU representatives anticipate this driving a further €10 billion in investment.
As “Team Europe,” von der Leyen also promoted the “European Flagship Fund for the Reconstruction of Ukraine,” a huge European Investment Bank-based equity fund based on monies from France, Germany, Italy, and Poland.
According to the Commissioner for Economy and Productivity; Implementation and Simplification Valdis Dombrovskis,
With EU financial incentives, EU accession reforms, single market integration, and increasing reciprocity on standards, European and Ukrainian companies will find what they need to join forces and take the lead.
While some EU member states oppose military aid to Ukraine and are pushing for peace talks, Brussels’ is partly focused on rebuilding and stabilising the war-torn country, separate from its controversial military subsidies. The medium-term goal of this expenditure is to bring Ukraine into the EU itself.
