EU unveils €90bn Ukraine recovery loan, reaffirms support

Europe-Asia, International

GDAŃSK, Poland (NPA) — European Council President António Costa has reaffirmed the European Union’s unwavering support for Ukraine, announcing a new €90 billion Ukraine Support Loan to strengthen the country’s resilience and accelerate its reconstruction amid the ongoing war with Russia.

Speaking on Thursday at the Ukraine Recovery Conference in Gdańsk, Poland, Costa said the European Union remained committed to supporting Ukraine militarily, economically and diplomatically until a just and lasting peace is achieved.

“The European Union has stood, and will continue to stand, firmly with Ukraine,” Costa said.

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He noted that the EU has provided more than €200 billion in assistance to Ukraine since Russia’s full-scale invasion in 2022, making the bloc the country’s largest international donor.

According to him, the newly established €90 billion Ukraine Support Loan will address urgent needs, including military requirements, adding that the first payment under the facility was made on Wednesday.

Costa said Ukraine had demonstrated its willingness to pursue an immediate ceasefire and sustained diplomatic efforts towards ending the conflict, while stressing that only Ukraine could determine the terms of any future peace agreement.

“No one can talk on behalf of Ukraine; only Ukraine can speak for the Ukrainian people,” he said.

He added that any lasting peace must respect international law, uphold Ukraine’s sovereignty and territorial integrity, and provide long-term security guarantees.

The European Council President also said the European Union was intensifying pressure on Russia through sanctions, revealing that the bloc had adopted 20 sanctions packages and was preparing another.

He disclosed that EU leaders had also agreed politically to extend sanctions against Russia for one year instead of the previous six-month renewal period.

Looking beyond the war, Costa said the EU was already laying the foundation for Ukraine’s long-term reconstruction through investments in modern infrastructure, green energy, digital transformation and institutional reforms.

He described Ukraine’s recovery as closely linked to its bid for European Union membership.

Costa recalled that accession negotiations formally opened last week and expressed confidence that negotiations on the remaining chapters would begin as soon as possible.

He noted that despite the challenges of war, Ukraine had continued to implement significant reforms required for EU membership.

The European Council President stressed that reconstruction must focus on improving the lives of citizens through quality jobs, education, healthcare and support for veterans, vulnerable groups and survivors of the conflict.

He said rebuilding Ukraine would strengthen peace, democracy and prosperity across Europe.

“Ukraine’s reconstruction is a major contribution to lasting peace in Europe. Together, we can help Ukraine rise stronger, freer, more prosperous and firmly within the European Union,” Costa said.