New Delhi: The Group of Seven (G7) leaders have agreed to provide Ukraine with approximately $50 billion in Extraordinary Revenue Acceleration (ERA) loans.
According to a joint statement, these loans will be repaid from future revenue streams generated by the immobilization of Russian sovereign assets, in accordance with international law and the legal systems of each G7 nation.
The funds will be disbursed through various channels to support Ukraine’s budgetary, military, and reconstruction needs, adhering to all applicable laws and G7 members’ legal frameworks. The G7 aims to begin disbursing the funds by the end of the year, the release added.
“Today’s announcement confirms that the G7 fulfills the commitment they made in June at the Apulia G7 Leaders’ Summit,” the statement read. “The G7 remains steadfast in its solidarity to support Ukraine’s fight for freedom, and its recovery and reconstruction,” it added.
The G7 expressed gratitude for the swift implementation of this initiative by their Finance Ministers, who developed a technical solution ensuring consistency, coordination, fair lending distribution, and solidarity among all G7 partners. They also acknowledged the European Union and its Member States for their constructive contributions to this significant outcome.