BRUSSELS (Sputnik) — The European Commission has allocated 600 million euros ($655 million) to Ukraine as part of the third Macro-Financial Assistance package, the European Commission said in a statement on Wednesday.
"The European Commission, on behalf of the EU, today disbursed a loan of €600 million to Ukraine. This corresponds to the first installment under the new Macro-Financial Assistance (MFA) programme for Ukraine, which amounts to a total of €1.8 billion," the Commission said.
Kiev and the European Union signed a memorandum of understanding and a loan agreement for the third EU Macro-Financial Assistance program for Ukraine during the May 22 Eastern Partnership summit in Riga.
Both documents were ratified by the Ukrainian parliament on June 18 and entered into force in early July.
Brussels pledged to provide Ukraine with 1.8 billion euros in three equal tranches of 600 million euros. According to the European Commission, the program is due to be implemented in 2015 and early 2016.