President of Ukraine Volodymyr Zelensky during a joint press conference with President of the European Council António Costa on December 1, 2024 in Kyiv, Ukraine. EU's new diplomat Kaja Kallas and head of the European Council President Antonio Costa arrived in Kyiv Sunday to show support for Ukraine on their first day in office. (Photo by Nikoletta Stoyanova/Getty Images) G7 leaders in October agreed to provide some $50 billion in loans to Ukraine via multiple channels.
"Today, we deliver €3 billion to Ukraine, the 1st payment of the EU part of the G7 loan. Giving Ukraine the financial power to continue fighting for its freedom – and prevail," European Commission President Ursula von der Leyen said on social media platform X.
Ukraine's Prime Minister Denys Shmyhal confirmed the transfer of the funds in a statement on the Telegram app.
The funding channels agreed by G7 include a Macro-Financial Assistance Loan from the EU, the IMF's Multi-Donor Administered Account for Ukraine and a newly created Financial Intermediary Fund for Ukraine at the World Bank.
In December 2024, the US Treasury Department transferred the $20 billion U.S. portion the G7 loan to the World Bank fund.
(Reporting by Max Hunder and Van Campenhout Editing by Tomasz Janowski)