STRASBOURG, France: The European Parliament on Tuesday voted to hand war-torn Ukraine a loan of up to $38 billion (35 billion euros) backed by profits from frozen Russian assets.
Kyiv is desperate for funds as it seeks to prop up its economy, equip its military and keep its electricity grid functioning this winter after intense bombardments by Moscow’s forces.
The European Union loan — which was approved by an overwhelming majority of lawmakers — is part of a bigger $50 billion initiative agreed by G7 powers in June.
The EU is the first of the G7 powers to announce how much it is putting forward as its share of the plan and is still waiting for the United States and others to do their part.
EU justice commissioner Didier Reynders said other G7 countries are expected to unveil their contributions at a Washington meeting on Friday.
EU officials say the size of the bloc’s loan was up to 35 billion euros, but could decrease depending on how much other countries put forward.
The EU has frozen roughly $235 billion of Russian central bank funds since the Kremlin launched its invasion of Ukraine in 2022, the vast bulk of immobilized Russian assets worldwide.
About 90 percent of the funds in the EU are held by international deposit organization Euroclear, based in Belgium.
The G7 plan seeks to leverage interest earned on the assets to get more funds to Ukraine and will replace an existing EU scheme that funneled $1.7 billion to Kyiv in July.
There has been a delay in implementing the G7 loan as the United States had sought guarantees from the EU that the Russian assets would remain frozen.
Currently, EU members have to agree every six months to extend the asset freeze.
Hungary rejected a proposal to extend that period to 36 months, arguing it wants to wait until after the US presidential election in November.
The latest EU loan comes on top of roughly 120 billion euros of support that officials say the EU and its member states have provided to Kyiv since Russia’s invasion.
EU lawmakers approve new $38 billion loan for Ukraine
https://arab.news/mq9f3
EU lawmakers approve new $38 billion loan for Ukraine
- Kyiv is desperate for funds as it seeks to prop up its economy, equip its military and keep its electricity grid functioning this winter
- The EU loan is part of a bigger $50 billion initiative agreed by G7 powers in June
Report highlights role of British Muslim charitable giving in supporting UK public services
- The study, “Building Britain: British Muslims Giving Back,” finds that donations from British Muslims are helping to bolster overstretched service
LONDON: British Muslim charitable giving is playing an increasingly significant role in supporting frontline public services across the UK, according to a new report by policy and research organization Equi.
The study, “Building Britain: British Muslims Giving Back,” finds that donations from British Muslims are helping to bolster overstretched services, including local councils, the NHS and welfare systems, at a time of growing financial pressure.
The report estimates that Muslim donors contribute around £2.2 billion ($2.9 billion) annually, making them the UK’s most generous community.
This figure is around four times the national giving average and rises to almost 10 times the average among higher earners.
According to the findings, Muslim-led charities are providing a wide range of support, including housing assistance, emergency cash grants, food provision and mental health services, easing demand on statutory services.
Equi points to evidence from 2023 showing that housing support delivered by the National Zakat Foundation helped prevent evictions that would have cost councils an estimated £28.8 million, with every £1 of charitable spending generating £73 in public sector savings.
The report also highlights a generational shift, with younger British Muslims increasingly directing their donations toward domestic causes such as homelessness, child poverty and mental health challenges.
Despite their growing impact, Muslim charities face a number of barriers, including de-banking, restrictive funding rules, securitization measures and what the report describes as limited recognition from government. Equi argues that these challenges are constraining the sector’s ability to maximize its contribution.
“British Muslim giving is not just generosity but a lifeline for public services that needs recognizing,” said Equi Managing Director Prof. Javed Khan.
“From preventing evictions to supporting mental health, these donations are saving millions for the taxpayer and strengthening communities across Britain. The evidence is clear that Muslim-led action is delivering frontline support where the state is struggling,” he added.
Equi is calling on policymakers to engage more closely with Muslim-led charities and to move beyond what it describes as symbolic recognition.
The report recommends measures such as UK-based match-funding schemes and greater faith literacy within policymaking, which it says could unlock billions of pounds in additional domestic spending while maintaining the UK’s global humanitarian commitments.
The study concluded that with greater collaboration between government and Muslim charities, charitable giving could play an even more transformative role in strengthening public services and social cohesion across the country.
