EU Council Approves €3.5 Billion Aid Tranche for Ukraine on March 1st, 2024

The EU Council has approved a third tranche of approximately €3.5 billion in grants and loans for Ukraine under the Ukraine Facility, effective March 1st, 2024. This instrument provides up to €50 billion in stable funding through 2027 to support Ukraine's recovery, reconstruction, and modernization. The Council determined that Kyiv met the necessary conditions outlined in the Plan for Ukraine to receive this disbursement. Ukraine has implemented 13 reforms, including increasing renewable energy use, adopting an agricultural and rural development strategy, and identifying strategic raw materials. With this tranche, Ukraine will have received nearly €20 billion under the Ukraine Facility. Of the €50 billion allocated, up to €32 billion is earmarked for reforms and investments outlined in the Plan for Ukraine, contingent upon meeting pre-established conditions. Since its implementation, the Ukraine Facility has disbursed €6 billion in bridge financing, €1.89 billion in pre-financing, and two installments of approximately €4.2 and €4.1 billion.