UK signs agreement to accelerate $2.8 billion of loans to Ukraine
Ukrainian President Volodymyr Zelenskyy and UK Prime Minister Keir Starmer signed an agreement on Saturday to accelerate $2.8 billion (2.26 billion pounds) worth of loans to Ukraine, News.az reports citing Reuters.
The loan will be paid off by revenues from frozen sovereign Russian assets, the UK’s Chancellor of the Exchequer Rachel Reeves said. The agreement is part of the UK’s “unwavering and ongoing support for Ukrainian people,” Reeves said.
Ukraine’s Minister of Finance Serhiy Marchenko, who joined the meeting remotely via video link, said Ukraine was “so grateful” for the “very necessary” agreement.
The loans are in addition to the UK’s ongoing funding of about $3.7 billion (3 billion pounds) per year to Ukraine, Reeves said.
Reeves added that she was struck by the “cross-party support” for the agreement while bringing it through Parliament.
“This money is about helping to secure the territorial integrity of Ukraine,” Reeves said, adding that the funds also reinforce “the security and posterity of all of Europe.”
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