European Parliament approves $18.7 billion loan to Ukraine
The European Parliament on Thursday approved a loan of 18 billion euros (about $18.7 billion) to help Ukraine "survive" Russia's ongoing invasion and "restore its critical infrastructure."
The move came one day after the European Parliament adopted a resolution recognizing Russia as a state sponsor of terrorism and as a state that "uses means of terrorism."
The loan would cover roughly half of the estimated 3 to 4 billion euros of monthly funding that Ukraine needs in 2023.
"The loan is conditional for Ukraine," the European Parliament said in a press release on Thursday. "It requires reforms to strengthen the country's institutions and prepare it both for reconstruction and its path towards EU membership."
Next, the loan must be unanimously approved by the European Council on Dec. 6, before the European Commission can tap the markets and disburse the support early next year.
Since the start of the war, the European Union and its member states have provided 19.7 billion euros to support Ukraine, a large part of which has come in the form of macro-financial assistance approved by the European Parliament in September and July.





