As an EU candidate, Ukraine will receive hundreds of millions of euros per year in the first few years. But at the same time, it will face careful money monitoring.

Read more about what economic and systemic consequences Ukraine can expect from the status of a candidate for EU membership in the column by Oleksandr Bondarenko, Director of the NGO "Bureau of Investment Programs" Candidate "Bonuses": What Brings Ukraine Closer to EU Membership.

EU Candidacy opens Priority development programs and systemic financial opportunities, Oleksandr Bondarenko writes in his column.

In particular, the Instrument for Pre-Accession Assistance (IPA) program supports the implementation of the political, institutional, legal, administrative, social, and economic reforms required to bring the countries closer to the EU.

The expert notes that Ukraine can receive about 400 million euros annually to prepare for EU membership in the first few years via this structural fund. The money is intended to implement Ukraine's economic, political, institutional, and social reforms.

The director of "The Bureau of Investment Programs" assumes some funds will be allocated to rebuild the regions damaged by the war.

It will be a separate Fund for the recovery and restoration of Ukraine's infrastructure with other funding and rules sources.

Horizon Europe is one of the largest European funds, which will run from 2021 until 2027, with a total budget of €95.5 billion. It aims at research, innovation projects, and climate protection.

Therefore, Ukrainian companies and NGOs will have the opportunity to receive non-refundable grants of about €500-700 million per year (under conditions of active work and correct submission of documents).

By September, the European Commission and the European Parliament will adapt all the documents where Ukraine will already appear as an official EU candidate. Only then will Ukraine obtain a separate line in the budgets of all possible European development funds, primarily IPA-3.

According to Bondarenko's optimistic calculations, Ukraine will be able to submit the first grant applications and financing of institutional reforms in October-November and receive them in December-January.

But realistically, the process will begin in the first quarter of 2023 when Ukrainian intergovernmental structures, NGOs, and reform support teams can receive funds.

The main thing is to form a sufficient amount of teams with high-quality project management and financial planning skills. After all, the European Union will monitor all expenses and demand transparent and high-quality management (principles of good governance, project management, pay-for-performance, etc.).