Kyiv has received the first tranche of CAD 2.5 billion (roughly US$1.7 billion) from Canada under the G7 Extraordinary Revenue Acceleration (ERA) loans initiative for Ukraine.

Source: Ukraine's Finance Ministry

Details: The Finance Ministry notes that the funds will be used for the priority needs of Ukraine's state budget.

In total, Canada's contribution to the ERA initiative amounts to CAD 5 billion (roughly US$3.47 billion). The loan is granted for 30 years.

"The ERA mechanism worth US$50 billion involves providing Ukraine with loan funds that will be repaid and serviced using future revenues received from immobilised Russian sovereign assets," the Ministry of Finance explained.

Background:

• Ukraine plans to confiscate US$300 billion in frozen Russian assets held in international financial institutions.
• Meanwhile, Ukraine received the first £752 million (roughly US$940 million) from the UK, secured by proceeds from these frozen assets.

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