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Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Canada to Allocate $3.6 Bln to Ukraine


Sat 15 Jun 2024 | 11:18 PM
Israa Farhan

Canada plans to allocate 5 billion Canadian dollars (approximately 3.6 billion USD) to Ukraine as part of a general loan from the Group of Seven (G7) nations.

Canadian Prime Minister Justin Trudeau made this announcement during a press conference in Italy on the final day of the G7 Summit.

This commitment is part of the G7's emergency and rapid loan program aimed at supporting Ukraine amidst its ongoing conflict with Russia.

In addition to financial support, Canada will send four armored medical evacuation vehicles to Ukraine.

This initial shipment is part of a larger commitment, with a total of 50 such vehicles set to be delivered to the Ukrainian Armed Forces.

Earlier, a White House representative indicated that Ukraine could receive a 50 billion USD loan from G7 countries as a grant, meaning Ukraine would not be required to repay any portion of it.

The final communiqué from the G7 leaders, adopted at the summit in Italy, outlines a new loan program aimed at meeting Ukraine's current and future needs, particularly in light of the ongoing conflict with Russia.

The communiqué specifies that the G7 will provide nearly 50 billion USD in additional funding to Ukraine by the end of the year.

The funds for this loan program will be secured using profits from frozen Russian assets, ensuring that Ukraine has the necessary financial resources to address its critical needs and protect itself from further aggression.