Ukraine received second CAD 2.3 billion tranche from Canada under the G7 ERA initiative

Ukraine has received the second tranche from Canada amounting to CAD 2.3 billion (about USD 1.7 billion) under the G7 Extraordinary Revenue Acceleration for Ukraine (ERA) initiative.

The funds will be directed toward priority State Budget needs.

The ERA mechanism, totaling up to USD 50 billion, envisages providing Ukraine with loan financing to be repaid and serviced using future revenues generated from immobilized russian assets.

Canada’s total contribution to the ERA initiative amounts to CAD 5 billion, of which CAD 4.8 billion has already been transferred to Ukraine’s State Budget. 

“We continue to work closely with our international partners to implement a mechanism that holds russia financially accountable for its crimes in Ukraine. This year alone, Canada has already provided around USD 3.4 billion through the ERA mechanism. It is a significant contribution to supporting Ukraine’s financial stability, helping to cover critical State Budget expenditures,” said Minister of Finance of Ukraine Sergii Marchenko.