BRUSSELS — The European Commission Friday proposed a new one billion euro (USD 1.04 billion) long-term loan for Ukraine as the first part financial assistance package of up to 9 billion euro (USD 9.3 billion) announced on 18 May.

Under the proposal, the funds will be made available to Ukraine in the form of long-term loans on favourable terms, it said in a press release.

The loans will support Ukraine's macroeconomic stability and overall resilience in the context of Russia's military invasion and the ensuing economic challenges, it noted.

As soon as the European Parliament and the EU Council of Ministers approve today's proposal and the Memorandum of Understanding and Loan Agreement with the Ukrainian authorities are signed, the Commission will swiftly make available the amount of 1 billion euro to Ukraine. — Agencies