Ukraine received the first tranche from Canada in the amount of 2.5 billion Canadian dollars (approximately 1.7 billion US dollars) as part of the G7 initiative “Extraordinary Revenue Acceleration for Ukraine” (ERA). About this reported Ministry of Finance of Ukraine.
“The ERA mechanism in the amount of up to 50 billion US dollars provides Ukraine with credit funds that will be repaid and serviced at the expense of future profits from immobilized Russian assets”, — the department explained.
The funds will be directed to financing the priority needs of the state budget. Canada’s total contribution to the ERA initiative is CAD 5 billion. The loan is granted for a period of 30 years.
“Canada is a reliable and steadfast partner of Ukraine. Thank you for supporting the ERA mechanism. This is a fair and necessary tool to hold Russia financially accountable for crimes in Ukraine. In 2025, Canada will chair the G7, and I look forward to strengthening our cooperation and maintaining a focus on Ukraine’s needs.” – noted Minister of Finance of Ukraine Serhiy Marchenko.
