Japan signs deal on $3 billion for Ukraine under G7 loan #JapanFinance

Japan signed an agreement with Ukraine on April 18 to provide the country with a loan of 471.9 billion Japanese yen ($3 billion) covered by Russian assets.

The sum comes as part of the G7’s Extraordinary Revenue Acceleration for Ukraine (ERA) program, which aims to provide Kyiv with $50 billion for reconstruction and defense needs.

The loan will be repaid by proceeds from some $300 billion in Russian sovereign assets immobilized on G7 members’ accounts.

“Japan is a shining example of international solidarity, having become one of Ukraine’s leading partners in our struggle for freedom and dignity,” Ukraine’s Finance Minister Serhii Marchenko said after signing the agreement with Japan’s ambassador to Kyiv, Masashi Nakagome.

“The signing of today’s Agreement will not only help meet our urgent budgetary needs, but will also be another confirmation of Japan’s sincere commitment to the common values ​​that unite our countries.”

Japan’s funds will be disbursed over 30 years and directed toward budgetary needs and to support reconstruction and development.

The G7’s loan is mostly shouldered by the EU and the U.S., with each providing roughly $20 billion. Japan, the U.K., and Canada provide the rest of the funds.

Japan has supported Ukraine since the start of Russia’s full-scale war, transferring budget support of over $8.5 billion.

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