European Parliament approves $18.7B loan for Ukraine

By Burak Bir

ANKARA (AA) - The European Parliament on Thursday supported the European Commission's proposal to provide Ukraine with €18 billion euros ($18.7B) in 2023.

During the Strasbourg plenary session, MEPs voted in favor of the proposal with 507 votes to 38 and 26 abstentions on supporting Ukraine against Russia's war.

"The money will go to supporting essential public services -- such as running hospitals, schools, and providing housing for relocated people -- macroeconomic stability and the restoration of critical infrastructure destroyed by Russia, according to the Commission’s proposal," said a statement by the Parliament.

The loan which is conditional for Ukraine requires reforms to strengthen the country’s institutions and prepare it both for reconstruction and its path toward EU membership, it added.

Following the voting, European Parliament President Roberta Metsola said that Ukraine is fighting for European values.

"The European Parliament and the European Union have shown remarkable solidarity with Ukraine on the humanitarian, military and financial front. Importantly, we have granted Ukraine EU candidate status," she added.

The loan has to be approved unanimously on Dec. 6 before the commission can tap the markets and disburse the support in early 2023, according to European Parliament.

Since the start of Russia's war on Ukraine, the EU has provided €19.7 billion to support Ukraine.