BRUSSELS -- The European Union's executive arm says it will give 3 billion euros ($3.25 billion) in macro-financial assistance to 10 mainly Eastern European countries to help them limit the economic fallout of the coronavirus pandemic.
The money, which comes on top of cash for medical equipment pledged earlier last month, will be made available for 12 months on what the European Commission in a press release called “highly favourable terms" to help these countries cover their immediate, urgent financing needs.
Ukraine will be allotted 1.2 billion euros, while Georgia will receive 150 million euros, and Moldova 100 million euros.
In the Western Balkans, Bosnia will receive 250 million euros, Albania 180 million euros, Kosovo 100 million euros, North Macedonia 160 million euros, and Montenegro 60 million euros.
Outside of Europe, Tunisia (600 million euros) and Jordan (200 million euros) will also receive assistance.
The European Parliament and the EU member states are expected to approve the proposal in the coming weeks.
The Commission hopes to disburse the first installment “upon the agreement on a memorandum of understanding with each partner country,” the statement said.