United Kingdom joins EU's EUR 90 bln assistance program for Ukraine
UK Prime Minister Keir Starmer has announced a landmark agreement that will grant British defense firms access to contracts funded under the EU's €90 billion (£78 billion) loan initiative for Ukraine.
"Arriving in Paris for a meeting of the Coalition of the Willing, Prime Minister Keir Starmer has today announced a landmark agreement that will give UK defence firms access to contracts funded through the EU's £78 billion (€90 billion) Ukraine Support Loan initiative.," a statement on the UK government's website reads on Monday.
The agreement follows negotiations between the UK and the EU that were initially announced at the European Political Community summit in Armenia in May.
According to the British government, under the scheme, British defense firms will be eligible to bid for procurement contracts financed by the multi-billion-euro EU loan. This will open the way for billions in potential investment, support skilled jobs across the country, and strengthen the UK's defense-industrial base.
" Working alongside our European allies, we are stepping up support for Ukraine and stepping up pressure on Russia. Together, we are sending a clear message: we will stand united against Russian aggression and continue to defend the security of Europe," Starmer commented.
European Commission President Ursula von der Leyen noted in a post on the X social network that this agreement would grant Ukraine access to a wider range of defense suppliers. " This will give Ukraine access to a wider range of defence suppliers. So they can get what they need on the battlefield," she wrote.
The UK will make a fair and proportionate contribution toward borrowing costs, aligned with the value of the contracts secured by British firms.
"The European Union and the United Kingdom jointly recognize today’s agreement as a demonstration of their shared commitment to Ukraine, and the closely interconnected and interdependent nature of the Union’s and the United Kingdom’s defense-industrial bases," a joint EU-UK statement reads.