BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - The European Commission has disbursed an additional 1 billion euros ($1.08 billion) from its Macro-Financial Assistance (MFA) loan to Ukraine, under its part of the G7 loan.
In total, the MFA amounts to 18.1 billion euros ($19.58 billion), representing the EU's contribution to the G7-led Extraordinary Revenue Acceleration (ERA) loans initiative, which collectively aims to provide approximately 45 billion euros ($48.68 billion) in financial support to Ukraine.
Ukraine is supposed to repay the loan with proceeds from immobilized Russian State assets in the EU.
With this payment, the Commission's total lending to Ukraine under this MFA reaches 4 billion euros ($4.32 billion) since the start of the year.
The Commission said discussions with Ukraine are ongoing regarding the timeline for subsequent disbursements. The Commission made it clear that it stands ready to frontload the remaining MFA funds in line with the country's needs, as called for by the European leaders in the Special European Council earlier this month.
European Commission President Ursula von der Leyen said, 'With today's payment of €1 billion, we are reiterating our steadfast commitment to Ukraine. We are helping the country's economy stay on course and rebuild critical infrastructure damaged by Russian aggression. We will keep supporting Ukraine as long as it takes.'
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