Ukraine received its first tranche from Canada under the G7 ERA initiative.

Ukraine received its first tranche from Canada amounting to 2.5 billion Canadian dollars (about 1.7 billion US dollars) under the G7 Extraordinary Revenue Acceleration for Ukraine (ERA) initiative.

According to the Ministry of Finance, this money will be used for the most important needs of the state budget.

The ERA mechanism envisions directing credit funds of up to 50 billion US dollars for Ukraine. This money will be repaid and serviced by future revenues obtained from the confiscation of Russian assets.

Canada has contributed a total of 5 billion Canadian dollars to the ERA initiative. The loan will be provided for 30 years.

Ukraine's Minister of Finance Serhiy Marchenko noted that Canada is a reliable and stable partner for Ukraine.

I am grateful for the support of the ERA initiative. It is a fair and necessary tool that will hold Russia financially accountable for the crimes committed in Ukraine. Considering that Canada will be the host country of the G7 in 2025, I look forward to strengthening our cooperation and maintaining focus on Ukraine's needs