EU disburses first payment under $102B loan package for Ukraine

European Commission President Ursula von der Leyen announced on Thursday that the European Union has made the first payment under its new €90 billion ($102 billion) loan package for Ukraine, transferring €3.2 billion ($3.63 billion) in macro-financial assistance to Kyiv.

Speaking at the Ukraine Recovery Conference in Gdansk, Poland, von der Leyen said the funding is part of the EU’s broader effort to support Ukraine’s economy and defense as the war continues.

“Today, we are transferring the first tranche under this loan, €3.2 billion in macro-financial assistance,” she said.

The €90 billion package, known as the Ukraine Support Loan, will be disbursed over the next two years.

Von der Leyen also announced that the EU would begin releasing the first funds from a separate €6 billion ($16.81 billion) program aimed at boosting Ukraine’s drone production capacity in the coming days.

According to von der Leyen, the EU and its member states have already provided €200 billion ($226 billion) in economic, financial and military assistance to Ukraine since the start of the war in 2022.

The remarks came weeks after the EU opened the first cluster of accession negotiations with Ukraine, a move von der Leyen described as “historic.”