President of the European Commission Ursula von der Leyen announced that the European Union will provide a new package of financial assistance to support Ukraine.
She made the announcement on Monday on her Twitter page.
"The EU stands by Ukraine. We are firm in our resolve. I am announcing a new financial assistance package, made of emergency loans and grants, to support Ukraine in the medium and long-term," the president of the European Commission said.
In a statement spread by the European Commission, von der Leyen recalled that last Friday, she spoke with President Zelensky "to assess the situation in Ukraine created by Russia's aggressive actions."
"We discussed how the EU could continue to support Ukraine, both in the immediate and medium term… Today, I am announcing a new financial assistance package to the country made of both emergency loans and grants. First, the Commission proposes a new emergency macro-financial assistance package (MFA) of EUR 1.2 billion. This package will help Ukraine now to address its financing needs due to the conflict," she said.
She expressed hope that the Council and the European Parliament to adopt this emergency MFA as soon as possible.
"We will then proceed to the rapid disbursement of a first tranche of EUR 600 million. Moreover, we will soon start work on a second, longer-term MFA programme to support the country's modernisation efforts. Second, the Commission will almost double its bilateral assistance to Ukraine in grants this year: Another EUR 120 million will be allocated. This support will strengthen Ukraine's state-building and resilience efforts," she said.
She also said that the European Commission will continue to invest in the country's future, "thanks to our Investment Plan for the country."
"This plan aims to leverage over EUR 6 billion in investments. Let me be clear once more: Ukraine is a free and sovereign country. It makes its own choices. The EU will continue to stand by its side," von der Leyen said.