European Parliament approves EUR 50 billion ‘long-term funding for Ukraine’

The decision received 536 votes in favor, with 40 European deputies against and 39 abstaining.

Approval from the EU Council is now needed for the decision to take effect.

On Feb. 1, all 27 European Union member states agreed to a four-year €50 billion ($54 billion) aid package for Ukraine, which was previously stalled by Hungary.

According to the newspaper Il Giornale, the Italian government played a leading role in reaching an agreement for the package, and Prime Minister Giorgia Meloni was the "main actor" in the negotiations that led to its adoption.

On Feb. 22, the European Parliament committees supported the decision to create a multi-year financial assistance program for Ukraine. Ursula von der Leyen, President of the European Commission, said that the EU expects to provide the first tranche of funds, amounting to €4.5 billion ($4.88 billion), to Kyiv in March.

This was confirmed by Ukrainian Prime Minister Denys Shmyhal.

The €50 billion Ukraine Facility program is designed to lay the groundwork for the rapid recovery and development of the Ukrainian economy. The package is expected to cover Ukraine's needs for 2024-2027.