The European Commission is ready to allocate EUR 50 billion in financial aid to Ukraine in the form of grants, soft loans and guarantees. According to President of the European Commission, Ursula von der Leyen, the financial assistance is intended for the next four years.

“This financial reserve will allow us really to calibrate our financial support according to the evolution of the situation on the ground”, - she said.

Von der Leyen stated that this assistance would provide perspective and predictability for the government in Kyiv and “encourage other donors to step up”.

According to Bloomberg, the proposed package aims to consolidate aid used for wage payments, pensions, and certain government services with expenses related to the restoration of critical infrastructure. A conference on the reconstruction of Ukraine will take place in London on June 21-22.