United Kingdom to Provide Ukraine with Significant Loan
Photo: Screenshot Odesa Live
A loan agreement of 2.26 billion pounds sterling (approximately three billion US dollars) was signed by Ukrainian Finance Minister Sergey Marchenko and UK Chancellor of the Exchequer Rachel Reeves, according to Ukraine's Ministry of Finance.
Ukrainian President Volodymyr Zelenskyy and UK Prime Minister Keir Starmer participated in the signing ceremony, which was held online.
The loan will be serviced and repaid using income from frozen Russian assets. The financing is provided for 30 years. The funds raised will be directed toward purchasing defense materials according to the needs of the Ukrainian side, states the official announcement from Ukraine's Ministry of Finance.
The loan is part of the Extraordinary Revenue Acceleration for Ukraine mechanism (an emergency lending program for Ukraine) by the G7 countries, with a total volume of 50 billion US dollars.
Under this mechanism, Ukraine has already received one billion dollars from the US and three billion euros from the EU.
BBC reports that after meeting with the Ukrainian President, the UK Prime Minister spoke by phone with Donald Trump and French President Emmanuel Macron.
The details of these conversations were not disclosed.
On Sunday, March 2, Volodymyr Zelenskyy will participate in a summit on Ukraine.
Original Author: Oksana Matvienko
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