Key facts
- Canada will contribute an initial 500 million euros to the EU's Ukraine Support Loan.
- Ukraine expects a budget shortfall of at least 70 billion euros next year.
- The EU is already set to disburse 45 billion euros to Ukraine.
- Canada's contribution allows Ukraine to purchase military equipment from Canadian defense companies using EU funds.
Canadian Prime Minister Mark Carney announced on Oct. 30 that Canada will contribute an initial 500 million euros to the European Union's Ukraine Support Loan. The pledge aims to help bridge Ukraine's expected budget shortfall of at least 70 billion euros next year. The EU is already set to disburse 45 billion euros to Ukraine. Carney made the announcement during the EU-Canada Summit in Montreal. Canada's participation in the 90 billion-euro loan mechanism will allow Ukraine to purchase military equipment from Canadian defense companies using EU funds. This follows similar pledges from Norway and the U.K.