European Commission President Ursula von der Leyen said that Ukraine's implementation plan for the Ukraine Facility combines reforms and investments, which will help bring Ukraine closer to the European Union.

"You are delivering the Ukraine Plan. And this indeed is a pivotal moment in our cooperation... The Plan maps out how Ukraine can get back to rapid growth and start to recover the losses that the war has caused. Moreover, it is based on the same approach we have developed within the European Union. In other words: It combines reforms and investments. This will boost growth and at the same time help Ukraine move closer to our Union," von der Leyen said on Wednesday in Brussels, addressing Ukrainian Prime Minister Denys Shmyhal, who brought the Plan to the European Commission.

The President of the European Commission noted that "the dedication and commitment of the Ukrainian government is truly remarkable, especially as you are still facing a brutal Russian war of aggression."

"Your teams worked closely with the Commission and drew on the significant expertise of the World Bank, IMF and G7. We have discussed this Plan many times as it was being developed. It will now be assessed carefully by my services. But I am very confident that we will soon be able to make a positive recommendation to the Council to endorse the Plan," she said.

According to von der Leyen, "The EUR 50 billion Ukraine Facility underpinned by the Plan is by far the largest support programme for Ukraine."

"It is three times bigger than the IMF programme, for example. The Multidonor Coordination Platform that we have built played a very useful role in its elaboration. And the Plan will form a key reference point for other donors, as they develop their own support programmes. That is crucial for Ukraine to ensure the coherence of all support efforts," the European Commission President said.

Commenting on the European Commission's payment of the first tranche of EUR 4.5 billion from this fund, von der Leyen indicated that this payment takes the form of bridge financing.

"This payment, in the form of a bridge financing, is crucial to help you maintain the functioning of the state in this very difficult moment. In April, once Ukraine fulfills the conditions we agreed upon, we will make a second disbursement of the bridge financing of EUR 1.5 billion," von der Leyen said.