Ukraine gets 3.9-billion-dollar EU tranche to buy drones, missiles, jets

July 31 ------ Ukraine received a new 3.47-billion-euro ($3.9 billion) tranche from the European Union under its 90-billion-euro loan program, Prime Minister Serhii Koretskyi announced. The allocated funds will help finance the procurement of drones, including long-range jet-powered models, as well as missiles and Gripen fighter jets as Russia continues its attacks against Ukraine, according to the EU. "The goal is to help Ukraine quickly secure critical equipment it needs," the statement read.

The 90-billion-euro Ukraine Support Loan is essential both to directly support Ukraine's war effort and to finance the wider government budget, and it is expected to cover two-thirds of Ukraine's total needs for 2026 and 2027. A final agreement on the loan was reached in April.

According to Koretskyi, the program provides 45 billion euros in funding for this year. Ukraine has already received 11.6 billion euros, with most of the money earmarked for defense and the remainder allocated to state budget spending. European Commission President Ursula von der Leyen said the recent tranche would also bring Europe's and Ukraine's defense industries closer together, adding that it would help advance the new Drone Deal.

Earlier in the day, on July 30, the Council of the European Union approved changes to a so-called Ukraine Plan, paving the way for an additional 8.3 billion euros ($9.5 billion) in financing under the Ukraine Support Loan in 2026. The plan outlines the timeline for Kyiv to carry out the reforms required for EU membership. The updated plan adds new reform steps, including rule of law and anti-corruption reforms. "The decision reaffirms the European Union's confidence in Ukraine’s reform efforts and our shared vision for Ukraine's future," Koretskyi said.

Source: kyivindependent.com