Ukraine will receive a loan of 50 million euros from Finland: funds will be used for reconstruction

Finland is preparing to provide Ukraine with a €50 million loan through the International Development Association (IDA), part of the World Bank Group. The funds will be used to rebuild the country and support its economy.

This was reported by the Ministry of Foreign Affairs of Finland.

The Finnish Ministry of Foreign Affairs has approved a loan for a new IDA program, SPUR 2.0 (Special Program for Ukraine Recovery 2.0). It is designed to attract additional financing for the reconstruction and economic recovery of Ukraine.

“For Finland, supporting Ukraine is both a choice of values and an investment in the security and stability of Europe. The destruction caused by Russian aggression is significant, and the international community must continue its targeted support to ensure the resilience of Ukrainian society and the reconstruction of the country,” said Ville Tavio, Minister of Foreign Trade and Development of Finland.

The SPUR 2.0 program is part of IDA’s new crisis financing facility. Through this mechanism, the World Bank can leverage additional funds to support Ukraine’s recovery on more favorable terms.

The Finnish Foreign Ministry noted that thanks to a loan of 50 million euros, the World Bank will be able to provide Ukraine with funding, the volume of which will exceed Finland’s contribution several times.

According to the latest World Bank estimate, Ukraine’s recovery and reconstruction needs over the next decade will amount to almost $588 billion.

The loan still needs to be approved by the Finnish parliament.

Finland has already participated in the previous SPUR program, which IDA launched in 2023 to support Ukraine and Moldova. At that time, the country provided a €50 million loan and a €12 million grant as part of a broader crisis financing package.

It was previously reported thatthe Finnish government will provide Ukraine with the 34th package of military aid worth about 290 million euros. In terms of funding, it became the second largest package from Helsinki.

Also follow “Pryamim” on Facebook , X , Telegram , and Instagram.