Brussels: The European Commission announced the disbursement of the fourth tranche of its exceptional financial assistance program to Ukraine, worth one billion euro (USD 1.13 billion).
According to Kuwait News Agency, European Commissioner for Economics and Productivity Valdis Dombrovskis stated that the EU would continue to support Ukraine politically, financially, economically, and militarily. He noted, "Today we are disbursing a further one billion euro under the 45 billion euro G7 Extraordinary Revenue Acceleration Initiative - the 4th disbursement this year."
Dombrovskis detailed that this tranche is in addition to the 6 billion euro (USD 6.78 billion) previously transferred to Kyiv this year. There are plans to disburse another 12.1 billion euro (USD 13.67 billion) later in the year.
He mentioned that the repayment of these loans will be sourced from proceeds of frozen Russian assets held by the EU.
Today's disbursement is part of the G7-led Revenue Acceleration Initiative, aiming to provide approximately 45 billion euro (USD 50.8 billion) in financial support to Ukraine.
The funding aligns with Ukraine's commemoration of the Victory Day over Nazism in World War II, symbolizing the European Union's support for Kyiv.