Zelenskyy Details First Tranche of €90 Billion EU Loan: Where Funds Will Go
President Zelenskyy announced on April 26 that the first tranche of the €90 billion EU loan will fund Ukraine's domestic defense production and energy sector. An initial €6 billion is expected by June, earmarked for purchasing Ukrainian-made drones.
Ukrainian President Volodymyr Zelenskyy revealed details regarding the use of the first tranche from the European Union's €90 billion loan designated for Ukraine. He made this statement during a press conference with Moldovan President Maia Sandu on Sunday, April 26, as reported by a correspondent for «European Pravda».
According to Zelenskyy, the first tranche will be directed towards «domestic production for Ukraine's defense,» as well as the needs of the energy sector. He emphasized the importance of protecting energy infrastructure and preparing for the winter period. The President noted that in addition to local budgets, a portion of the funds will be allocated from the central budget, and he expects «several billions» to be allocated for energy protection.
Earlier, «European Pravda» reported that the first tranche of the «military» part of the EU loan, amounting to €6 billion, would reach Ukraine no later than June. These funds will be used for the procurement of Ukrainian-made drones. The schedule for subsequent payments of the «military» part of the loan has not yet been approved, but they are expected to occur more rapidly. According to the publication, the next package may include ammunition, drones, and air defense systems.