UKRAINE, Feb 1 — Ukraine will receive €50 billion in financial aid from the EU, announced the President of the European Council Charles Michel on X (formerly Twitter).

Ukraine will receive the funds as part of a new financial program, the Ukraine Facility. This is a four-year program worth €50 billion, said Prime Minister of Ukraine Denys Shmyhal.

“We have a deal. All 27 leaders agreed on an additional €50 billion support package for Ukraine within the EU budget. This locks in steadfast, long-term, predictable funding for Ukraine. The EU is taking leadership and responsibility in support for Ukraine; we know what is at stake,” Charles Michel wrote.

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About the Ukraine Facility

The Ukraine Facility is a four-year program totaling €50 billion. Many of these funds will be allocated to the state budget to compensate for the budget deficit.

Another program component is creating an investment tool to mitigate risks in high-priority sectors. It will help Ukraine to attract additional investment funds.