Brussels: Following the decision to apply its so-called 'urgency procedure', Members of the European Parliament (MEPs) will vote on a proposal for a £90 billion support loan to Ukraine at an upcoming plenary session. On Tuesday, Parliament backed, by a show of hands, a request to fast-track its legislative processes on an EU financial package to support Ukraine. The proposal would introduce a £90 billion EU support loan for Ukraine, financed through common EU borrowing from capital markets and guaranteed by the 'headroom' of the EU budget. This new instrument, if adopted, would provide military assistance and general budget support to the government in Kyiv, as well as support Ukraine's defence industry and its integration into the European Defence Industrial Base.
According to Cyprus News Agency, MEPs also decided to fast-track their work on an accompanying proposal to amend the Ukraine Facility and on the decision by the Council to apply the enhanced cooperation procedure. This procedure would enable 24 member states, excluding Czechia, Hungary, and Slovakia, to provide Ukraine with the proposed loan. The latter proposal will be put to a final vote by MEPs on Wednesday, 21 January.
With the European Parliament having initiated its work, the loan will now have to be agreed upon between MEPs and the Council under the ordinary legislative procedure. Further information, including free photos, video, and audio material, is available at the EP Multimedia Centre.