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European Parliament approves €50 billion package for Ukraine reconstruction

Photo by Jorgen Hendriksen / Unsplash

The European Parliament voted to approve a €50 billion package to help rebuild Ukraine, including a mix of grants and loans to be handed out between 2024 and 2027.

Deputies voted 512-45, with 63 abstaining, to approve the so-called Ukraine Facility funding, which will be handed out in various disbursements in coming years based on Ukraine achieving certain targets in the fight against corruption and other areas.

The vote allows the European Union to start negotiating terms of the package with member states and Ukraine, which is also set to start talks next year with an eye to joining the EU.

In approving the package, deputies called for the creation of a web portal that will track financial operations of the reconstruction, cover Ukraine's progress on its various milestones and clearly outline the donations the country receives from other countries and organizations.

The approval comes days after Belgium announced the create of an $1.8 billion fund for the reconstruction of Ukraine using tax on profits generated by Russian assets frozen after the start of the war.

The money, which stems from the nearly $200 billion in frozen Russian assets held at Belgium-based clearinghouse Euroclear, will be available to Ukraine next year, for military and humanitarian uses.

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