21 Jun 2023 15:05

EU may cover 45% of Ukraine's financing needs until 2027, including via frozen Russian assets - von der Leyen

MOSCOW. June 21 (Interfax) - The European Union may cover 45% of all of Ukraine's reconstruction financing needs until 2027, European Council President Ursula von der Leyen said at the Ukraine Recovery Conference in London on Wednesday.

"Until 2027, Ukraine's remaining fiscal gap is about 60 billion euros, the needs for fast recovery on top are about 50 billion euros. That makes in total 110 billion euros until 2027 that are not covered. Therefore, yesterday I proposed to EU member states to cover 45% of this gap. This is in total 50 billion euros for Ukraine," von der Leyen said.

The funds will be provided through European grants, loans and with the use of earlier frozen Russian assets, she said.

"We are with Ukraine for as long as it takes. [...] More details will come today for investments and reform. This plan could become an anchor for all international donors. We need predictability. This will help our coordination and help maximize our impact," von der Leyen said.

As reported, the European Commission on Tuesday proposed allocating 50 billion euros in financial assistance for Ukraine. Von der Leyen said that this financing plan would provide predictability and prospects for EU partners in Ukraine.