The Cabinet of Ministers has approved an agreement with Japan that will allow it to receive about USD 3 billion under the G7-led Extraordinary Revenue Acceleration (ERA) loans initiative. This was announced by the Prime Minister of Ukraine Denys Shmyhal.

“These funds will be provided by the proceeds of frozen russian assets and will be used for priority budget expenditures, reconstruction and development of Ukraine,” he said.

According to the Head of Government, Ukraine will attract USD 50 billion in total under this mechanism.

Denys Shmyhal emphasized the importance of the ERA initiative, which facilitates financial support for Ukraine, and thanked the partners from the G7 and the EU for creating a mechanism that forces russia to compensate for the damage caused.

“We expect that all immobilized assets of the aggressor will be confiscated and used to rebuild Ukraine,” the Prime Minister emphasized.