Ukraine receives US$1.7 billion from Canada under ERA initiative

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:

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