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EU to provide Ukraine with aid worth $15 billion

KDWN

BRUSSELS (AP) — The head of the European Union’s executive arm says the bloc is ready to provide Ukraine an 11 billion euros ($15 billion) aid package in loans and grants over the coming years.

Commission President Jose Manuel Barroso said Wednesday it will include 1.6 billion euros in loans and 1.4 billion euros in grants from the EU as well as 3 billion euros in fresh credit from the European Investment Bank.

Barroso didn’t immediately provide details over what time the money will be disbursed and which conditions on overhauling its economy the government in Kiev will have to meet.

The United States announced a $1 billion aid package in energy subsidies Tuesday.

Kiev estimates it needs $35 billion in international rescue loans over the next two years.