Ukraine and the Japan International Cooperation Agency (JICA) have signed an agreement required to receive $3 billion under the Extraordinary Revenue Acceleration (ERA) loans initiative.
Ukrainian Prime Minister Denys Shmyhal announced this on Telegram, according to Ukrinform.
“Ukraine and JICA have signed an agreement necessary to receive $3 billion under the ERA initiative. The funds will be repaid using proceeds generated from frozen Russian assets. These resources will be directed toward priority budget expenditures to boost the economy and strengthen Ukraine,” he wrote.
Shmyhal expressed gratitude to Japan and the G7 partners for creating a mechanism that forces Russia to pay. In total, Ukraine has already received $14.7 billion through the ERA initiative.
“We continue working on an international mechanism that will allow the confiscation of all frozen Russian assets in favor of Ukraine,” he added.
On May 2, the Cabinet of Ministers approved an agreement with Japan that enables Ukraine to receive approximately $3 billion under the ERA initiative.
Source: Ukraine, Japan sign agreement to receive $3B from frozen Russian assets
