On the sidelines of the Ukraine Recovery Conference in Rome, Ukraine’s Finance Minister Serhiy Marchenko signed a loan agreement worth nearly £1.7 billion (approx. $2.3 billion) under a guarantee from the UK Export Finance Agency (UKEF).
According to Ukraine’s Ministry of Finance, the funds will be directed toward the “Air Defense Capability Development” project implemented by the Ministry of Defense of Ukraine.
Key terms of the loan:
- Repayment period: 19 years
- Grace period: 6.5 years
- Purpose: Financing the procurement of defense materials and related goods and services from the United Kingdom.
“The Government of Ukraine continues systematic efforts to ensure the country’s financial stability and defense capability in partnership with international institutions and allied governments. I am grateful to the United Kingdom for its consistent efforts to strengthen Ukraine’s military power and enable effective resistance against the enemy in the context of full-scale war,” said Serhiy Marchenko.
UK Minister for Small Business, Export and Trade, Gareth Thomas, noted that unlocking this funding through UKEF will ensure the delivery of essential military equipment to Ukraine while also strengthening the UK’s defense industrial base.
“This is a clear demonstration of our Plan for Change in action—supporting UK business, boosting exports, and standing with Ukraine in the face of Russian aggression,” Thomas said.
