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Canada to join EU loan for Ukraine with €500 million pledge

Canada to join EU loan for Ukraine with a €500 million contribution
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Canada to join EU loan for Ukraine with a €500 million contribution

Canada will join the European Union’s loan for Ukraine. “Our initial contribution will be €500 million. It is a very important and effective mechanism,” the Canadian prime minister said. According to Mark Carney, the talks in Montreal also covered Ukraine’s other financial and defense needs.

Canada’s contribution will not increase the total size of the loan, which remains at €90 billion. Canada’s participation will allow the Ukrainian army to buy weapons and military equipment from Canadian manufacturers using funds from the European loan.

What the money will be used for

The €90 billion loan is meant to cover roughly two-thirds of Ukraine’s financial needs in 2026 and 2027. Of that amount, €30 billion is earmarked for supporting Ukraine’s state budget, while €60 billion will go toward defense, including the purchase of military equipment and support for the country’s defense industry.

Around Prague, based on reporting by novinky.cz

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