The ambassadors of the European Union countries have approved the proposal of the European Commission to provide Ukraine with macro-financial assistance in the amount of EUR 1.2 billion to overcome the economic consequences of the coronavirus pandemic, the press service of the EU Council reports.

Ukraine is one of ten neighboring countries, to which in total up to EUR 3 billion of assistance will be allocated. "Enlargement and neighbourhood countries are our closest partners. Now more than ever, it is absolutely essential that we stick together and show solidarity in addressing the economic and social impact of this global crisis," Minister of Finance of Croatia, who currently chairs the Council, Zdravko Maric, commented on the decision of the EU ambassadors.

Except for Ukraine, financial assistance will be provided in the form of loans on highly favourable terms and allocated as follows: Albania - EUR 180 million, Bosnia-Herzegovina – EUR 250 million; Georgia – EUR 150 million, Jordan – EUR 200 million, Kosovo – EUR 100 million, Moldova – EUR 100 million, Montenegro – EUR 60 million, North Macedonia – EUR 160 million, Tunisia – EUR 600 million, and Ukraine - EUR 1,200 million.

The funds will be available for twelve months and will be disbursed in two instalments. The loans will have a maximum average maturity of 15 years. The assistance will be subject to a memorandum of understanding (MOU), to be agreed between each partner countries and the Commission.

The text will need to be adopted by the European Parliament and the Council before it can enter into force.