De Wever calls EU loan victory for Ukraine, for Europe and for financial stability
Prime minister Bart De Wever is proud that Belgium was able to contribute to a solution for Ukraine's financing by being "constructive, firm and responsible", he said after the European summit in Brussels. EU leaders agreed on a loan of 90 billion euros for Ukraine, guaranteed by the EU budget and by frozen Russian assets.
As is well known, De Wever was very wary of a loan to Ukraine based on Russian assets stored primarily at Euroclear in Belgium. Ultimately, the leaders decided to provide 90 billion euros through a joint loan on the financial markets. Ukraine can later repay the loan with Russian reparations or via the frozen Russian assets.
"The voice of small and medium-sized countries also counts"
After the summit, De Wever reiterated that an agreement was necessary. "Otherwise, we would have failed Ukraine and ourselves," he said. He also said he was proud "that we were able to contribute to a solution by being constructive, firm and responsible" and that it was shown that "the voice of small and medium-sized countries also counts".
The solution of a loan was Belgium’s preferred option but needed unanimity. This unanimity was reached by giving Hungary, Slovakia and the Czech Republic an opt-out. These three countries agree to the principle that Europe will lend money to Kyiv, but they do not have to participate in the loan themselves.
The joint loan guarantees Ukraine's financing for both 2026 and 2027. From 2028, Europe intends to rely on the next multi-year budget to assist Kyiv.
© BELGA PHOTO NICOLAS MAETERLINCK
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