EU approves Britain’s participation in loan program for Ukraine: details

The European Union has agreed to allow the UK to participate in a €90 billion loan program to support Ukraine, allowing Kyiv to purchase defense products not only from EU countries but also from British manufacturers.

This is reported by the Council of the EU.

Of the total amount of the program, 60 billion euros will be allocated to the development of the Ukrainian defense-industrial complex and the purchase of weapons and military equipment. Another 30 billion euros will be provided to Ukraine as direct budgetary and economic support.

After the UK joins the EU, the Ukrainian side will be able to use the loan funds to purchase the necessary defense products from British companies. Previously, this opportunity was extended to manufacturers from the EU and other European Economic Area states.

The parties signed an agreement on the UK’s participation in the program on July 13. The EU Council explained that London had fulfilled all the conditions for joining the credit mechanism. In particular, the country agreed to participate in financing borrowing costs, entered into a security and defense partnership with the EU, and is already providing significant military and financial assistance to Ukraine.

Irish Minister for Foreign Affairs and Trade Helen McEntee said the decision demonstrates the joint willingness of the European Union and the United Kingdom to support Ukraine for as long as necessary to achieve a just and lasting peace.

The Council of the EU will finalise the decision by written procedure in the coming days. It will enter into force after its publication in the Official Journal of the European Union.

As a reminder, newly elected Prime Minister Serhiy Koretsky held his first international conversation after his appointment. The main topics of discussion were the next review of the IMF program for Ukraine and further financial support for the country.