The Committee on Economic Development is sincerely grateful to our European partners and allies for the decision. Today, the European Council has supported amendments to the EU budget to provide €50 billion of support to Ukraine! The funding will be provided over the period 2024-2027 under the EU Ukraine Facility programme (the European Union's project for the recovery and development of Ukraine).

According to the Ministry of Economy of Ukraine, the vote on the Ukraine Facility in the European Council is a powerful signal of the partners' continued support for Ukraine. The next step will be to determine the final terms of the programme as part of a triallogue between the European Council, the European Commission and the European Parliament.

For the first time, the Committee on Economic Development at its meeting on 19 October 2023 heard and discussed information on the status of preparation of the Ukraine Plan (a comprehensive document that will become the country's recovery and economic development programme for the next 4 years) under the European Commission's special support programme for Ukraine's recovery and development projects (EU Ukraine Facility).

Following the meeting, the Committee noted that the Ukraine Facility plan should include the development and approval of a long-term Strategy for the Development of the Processing Industry, as Ukraine's investment needs for the development of the processing industry are much greater than the potential of the Ukraine Facility fund and it is therefore important to include this priority in every such programme. This will open up opportunities for further investments.

The Committee on Economic Development is working on the preparation of the Ukraine Plan as part of the European Commission's proposal for a Regulation of the European Parliament and of the Council of the European Union establishing the Ukraine Facility, under the coordination of the Ministry of Economy of Ukraine.

There is still a lot of work to be done, but only by working together will we be able to protect our freedom, our lands, our people and rebuild our country!

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