ANKARA: EU ambassadors have okayed the release of the initial installment totaling approximately €4.2 billion (around $4.55 billion) under a fund designated to aid Ukraine in rebuilding and maintaining public administration functions, the Hungarian presidency of the Council of the EU on Wednesday.
“In a significant development, Ambassadors have approved the first tranche of funding as part of the Ukraine Facility Regulation, enabling the transfer of nearly €4.2 billion to support Ukraine’s recovery, reconstruction, and modernization efforts,” the presidency announced on X.
“The next procedural step involves the @EUCouncil proceeding with a written procedure,” it further detailed.
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