The European Union will cover 45% of all needs of Ukraine in financing its recovery until 2027, European Commission President Ursula von der Leyen has said on Wednesday in London at the Ukraine Recovery International Conference.

"Until 2027, Ukraine's remaining fiscal gap is about EUR 60 billion. The needs for fast recovery are about EUR 50 billion. That makes in total EUR 110 billion until 2027 that are not covered. Therefore, yesterday I proposed to EU Member States to cover 45% of this gap – this is in total EUR 50 billion for Ukraine," von der Leyen said.

According to her, this funding will be provided in the form of European grants, loans, as well as at the expense of previously frozen Russian assets.

"We will work with Ukraine on a corresponding plan for investment and reforms. This plan could also become an anchor for all international donors, including the private sector. This will help our coordination and maximise our impact," she said.

As reported, on the eve of the conference, the European Commission proposed to allocate EUR 50 billion of financial assistance to Ukraine in the form of grants and loans.