The Committee of Permanent Representatives of Member States to the EU (Coreper) has decided to provide Ukraine with the first tranche of economic assistance in the amount of €4.2 billion under the Ukraine Fund in the EU budget for 2024-2027, Ukrinform reports, citing the Hungarian EU Presidency.
"Today, the ambassadors agreed on the first tranche under the Ukrainian Plan... under the Ukrainian Fund, which paves the way for the transfer of about €4.2 billion for the restoration, reconstruction and modernisation of Ukraine," the statement said.
It is also noted that the EU Council will follow a written procedure.
The €50 billion Ukrainian Fund was established in February this year. It is designed for 2024-2027.
The disbursement of assistance in the form of loans and grants is conditional on Ukraine's implementation of the so-called Ukrainian Plan, which contains a list of key reforms and investment programmes agreed with the EU.