Brussels Releases First €3bn for Ukraine's Reconstruction

The European Union has provided Ukraine with the first tranche of €3bn ($3.4bn) from the promised €90bn loan ($101bn). Ukrainian Prime Minister Yulia Svyrydenko announced the disbursement at the Ukraine Recovery Conference in Gdansk, Poland.

European Commission President Ursula von der Leyen said that since the Russian invasion began in February 2022, EU member states have provided Ukraine with economic, financial and military aid worth €200bn ($225bn). She added that the EU would disburse a further €6bn ($6.7bn) from the same loan in the coming days, earmarked for drone production.

European leaders also announced the launch of an investment fund for strategic sectors of the Ukrainian economy. The fund will be established with initial public capital of up to €220m ($250m) and is backed by the EU, Germany, Poland, Italy and France.

The Ukrainian delegation plans to sign more than 160 agreements worth over €10bn ($11.2bn) during the conference. Polish Prime Minister Donald Tusk said the future could only be built on the basis of truth, mutual respect and an understanding of the past.

(AP, bak)