Brussels gives 7,050 million to mitigate unemployment and increases aid to Ukraine
The European Commission has approved the issuance of 7,050 million euros in its last syndicated operation this year, which consists of a new 15-year social bond of 6,548 million euros for the Support program with the aim of alleviating the risks of unemployment in case of emergency (SURE, for its acronym in English) of the European Union (EU).
The measure issued has an expiration date maturity in December 2037 and has an increase of 500 million euros of an existing bond maturing in 2052 for the macro-financial assistance program to Ukraine.
The income from the social bond will be used to apply the fund to mitigate unemployment in Bulgaria, Cyprus, the Czech Republic, Greece, Croatia, Lithuania, Latvia, Poland and Portugal, countries that have already benefited from the regime’s funds. With this, they have already disbursed 98,400 million of the total endowment of 100,000 million of the programme, which allows EU countries to provide employment and income support to companies and citizens affected by the pandemic.
The €500 million for Ukraine they are the last tranche of the extraordinary program of macro-financial assistance that the Commission is providing to Ukraine for 2022 following the start of Russia’s war of aggression against the country.
Following this latest transaction, the Commission will have provided a total of €7.2 billion in macro-financial assistance to Ukraine by 2022, in addition to another Commission proposal for a package of 18,000 million Euros in additional loans to support Ukraine in 2023, to be financed by issuing bonds once approved.
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