Ukraine received $1.7 billion from Canada. These funds were sent within the framework of the ERA initiative, which involves the G7 countries.
Points of attention
- Canada has allocated $1.7 billion to Ukraine under the ERA initiative, part of the G7 countries collaboration.
- The funds are sourced from frozen Russian assets and will be utilized for the priority needs of Ukraine's state budget.
- This initial tranche is part of a larger commitment of $5 billion from Canada towards ERA for Ukraine.
Canada provided Ukraine with $1.7 billion
This was announced by Prime Minister of Ukraine Denys Shmyhal.
Ukraine received 2.5 billion Canadian dollars (about 1.7 billion US dollars) under the G7 ERA initiative.
Denys Shmyhal
Prime Minister of Ukraine
According to the Prime Minister, the funds, secured by income from frozen Russian assets, will be directed to the priority needs of the state budget.
This is the first tranche from Canada, which has allocated a total of 5 billion Canadian dollars for the Extraordinary Revenue Acceleration (ERA), which involves providing Ukraine with financial resources from profits from frozen Russian assets.
He also thanked Canada and all G7 partners for creating a mechanism that holds Russia financially responsible for aggression.
Recall that ERA (Extraordinary Revenue Acceleration) is an initiative that involves receiving $50 billion from the G7 countries with subsequent repayment through revenues from the use of frozen Russian assets.
For example, in early March, Ukraine received the first tranche of 752 million pounds ($970 million) from the United Kingdom under the ERA. The funds, as noted above, were provided by proceeds from frozen Russian assets.
