Switzerland approves long-term financing for Ukraine worth $5.5 billion

The Swiss Federal Council has approved a financing plan for Ukraine's recovery until 2036 worth 5 billion Swiss francs ($5.5 billion), as was reported on the government website.

The first 1.5 billion francs ($1.64 billion) will be received by Ukraine by 2028.

"This amount clearly demonstrates Switzerland's solidarity with the people affected by the war in Ukraine and will increase stability on the European continent," the statement reads.

Switzerland is already supporting projects in Ukraine to restore destroyed civilian infrastructure in the energy, road, and healthcare sectors.

Switzerland has already spent around 3 billion francs ($3.28 billion) on supporting people affected by the war in Ukraine. Around 425 million francs ($466 million) of this amount were received from the international cooperation budget, and the State Secretariat spent the rest for Migration on receiving and supporting people with temporary protection status in Switzerland.

The country's parliament must approve the decision of the Federal Council on financing Ukraine.

Switzerland also plans to develop a joint program for Ukraine that includes monitoring mechanisms for the use of funds.

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