European Commission President Ursula Von der Leyen announced a $39 billion loan to help Ukraine rebuild is energy and civilian infrastructure as she met with President Volodymyr Zelensky in Kyiv on Friday. Photo by Sergey Dolzhenko/EPA-EFE
European Commission President Ursula von der Leyen announced on Friday pledged more than $39 billion in loans to Ukraine to help repair power plants and critical civilian infrastructure as it continues to fight against Russia’s invasion.
The Commission said the funding package leverages profits from immobilized Russian assets, “sending a clear signal that the burden of rebuilding Ukraine should be shouldered by those responsible for its destruction.” Advertisement
“Winter is approaching and Russia keeps targeting your civilian energy infrastructure in a blatant and vicious way to try to plunge your country into the dark,” von der Leyen said, as she appeared in a press conference alongside Ukrainian President Volodymyr Zelensky during a visit to Kyiv on Friday.
“I am here today, dear Volodymyr, to tell you and the people of Ukraine that the European Union is here to help you in this challenge to keep the lights on, to keep your people warm, as winter is just around the corner, and to keep your economy going, as you fight for your survival.”
The proposal still needs to be approved by the European Parliament and a majority of its member states in the European Council. Advertisement
The loan follows a July pledge from G7 countries to back Ukraine with arms and funds to recover from the damage.
The G7 is expected to make a $50 billion loan with Britain,Canada and Japan are all expected to contribute.
Friday’s announcement does not include any new commitments from the United States, which has been Ukraine’s top contributor. EU officials said, however, that they hope the White House will make an additional contribution as well.
