Zelensky: Ukraine will spend part of €35bn EU loan on long-range missiles and drones

Ukraine will spend part of the €35 billion loan from the European Union to purchase domestic long-range missiles and drones.

This was announced by President of Ukraine Volodymyr Zelenskyi at a press conference with President of the European Commission Ursula von der Leyen in Kyiv.

The European Commission will provide this loan to Ukraine as part of a $50 billion loan plan agreed by the G7 countries using frozen Russian assets.

According to Zelenskyi, the EU loan will be spent primarily on the Ukrainian energy sector.

“We will spend these 35 billion primarily on energetics, on defense, on bomb shelters for children in schools, kindergartens, universities as this is a big deficit for us,” the head of state said.

In addition, Zelensky said that part of the money would be used to purchase weapons primarily made in Ukraine, including long-range drones and missiles.

In addition, Ukraine is ready to spend some of the money on strengthening its air defense.

“We are ready to spend part of these funds on air defense, which is not produced in our country,” the President of Ukraine added.

As a reminder, out of the first tranche of proceeds from frozen Russian assets that the EU allocated for weapons for Ukraine in August, €400 million was used to finance Ukrainian defense companies.

A part of this money was spent to pay for the production of Ukrainian Bohdana 155mm wheeled howitzers.

France will also spend €300 million by the end of 2024 to purchase weapons for Ukraine from its own industry.

First and foremost, priority equipment and weapons will be purchased: ammunition, artillery and air defense systems.