Commission announces financial assistance for Ukraine


The President of the European Commission, Jose Manuel Barroso, has announced a package of EU funding to support the economic development of Ukraine.

In a statement on 5 March 2014, he said a €3bn aid package from the EU budget, made up of grants and loans, will be made available over the next two years.

He also announced that €8bn will be made available from the European Investment Bank, and the European Bank for Reconstruction and Development, in which EU countries are the major shareholders.

Aside from direct financial assistance, Mr Barroso said that, subject to Ukraine signing an Association Agreement with the EU, new free trade measures could be made available.

It was the rejection of the agreement by the previous president, Viktor Yanukovych, that led to the current unrest.

"The international community should mobilise to help Ukraine stabilise its economic and financial situation," said Mr Barroso.

He said the combination of financial assistance and trade liberalisation "could bring overall support of at least €11bn over the next couple of years from the EU budget and EU-based international financial institutions."

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