Zelenskyy outlines Ukraine's plans for spending €35 billion EU loan

Ukrainian President Volodymyr Zelenskyy outlined how Ukraine plans to use the €35 billion loan provided by the European Commission.

Zelenskyy said the funds from the EU loan will primarily be spent on energy.

"We will use these €35 billion primarily on energy, defence, and bomb shelters for children in schools, kindergartens, and universities – a major shortfall for us, " Zelenskyy said during a press conference with European Commission President Ursula von der Leyen in Kyiv.

Additionally, Zelenskyy stated that the money will be used to purchase weapons, primarily those made in Ukraine, including long-range drones and missiles.

"We are also prepared to spend part of these funds on air defence systems, which are not produced in our country," he added.

Earlier, von der Leyen announced that the European Commission would provide Ukraine with a loan of up to €35 billion as part of a G7 countries' lending plan of US$50 billion, which utilises frozen Russian assets.

The President of the European Commission said Ukraine would have the right to decide how best to use the funds provided by the EU.

This refers to a US$50 billion loan plan for Ukraine, agreed upon by G7 leaders, which will be repaid through the profits generated from investing the frozen Russian assets.