On Friday, July 19, Defense Ministers of Ukraine and the United Kingdom Rustem Umerov and John Healey signed a framework agreement that includes a two billion pound loan to finance Kyiv's defense needs.
This was reported by the Ministry of Defense of Ukraine, according to Yevropeiska Pravda.
The British-Ukrainian framework agreement is designed to provide financial support to strengthen Ukraine's defense capabilities, including “the purchase of modern weapons, military equipment, and other defense equipment in accordance with NATO standards.”
“The loan is provided for 15 years with the possibility of extension and at a favorable interest rate,” the Defense Ministry said, adding that the use of funds will be controlled by a joint government commission of Kyiv and London.
According to Rustem Umerov, Ukraine will use the loan “for large-scale projects to develop Ukraine's defense capabilities.”
This will reduce the burden on the budget and allow Kyiv to obtain the necessary weapons in the short term, especially in the field of air defense, the Ukrainian minister added.
Author - Olena Madiak, 19/07/2024