Canadian Prime Minister Mark Carney said his country will allocate €500m towards implementing the European Union’s planned €90bn loan for Ukraine.
The announcement was made at a joint press conference by Carney and EU leaders, APA reports.
The Canadian prime minister stressed that this contribution would mark the start of Canada’s participation in EU projects. He described the mechanism as highly important and effective, and also noted the European Commission’s innovative approach to financing Ukraine using frozen Russian assets.
Carney added that the contribution is an example of the practical implementation of Canada’s recent partnership with the EU, which he described as a positive alliance.
- The €90bn loan was approved by the European Council last December. The funds are critically important to meet Ukraine’s most urgent needs in 2026–2027.
- The funds are to be taken from the European budget, not from Russia’s frozen money. This means Brussels has, for now, abandoned the idea of providing a so-called reparations loan funded by Russian money in favour of alternative financing.