European Parliament moves ahead with over $105B support loan for Ukraine

The European Parliament on Wednesday approved the use of the enhanced cooperation procedure to allow the EU to provide Ukraine with a €90 billion (over $105 billion) support loan.

"On Wednesday, Parliament gave its green light to a decision by the Council to apply the enhanced cooperation procedure to provide Ukraine with a €90 billion support loan," the parliament said in a statement.

Lawmakers gave their consent to a council decision enabling the mechanism, which allows a group of willing EU member states to move forward with joint action when unanimity cannot be reached across the bloc. The procedure requires the approval of the European Parliament under EU treaties.

The support loan was agreed by EU leaders at a European Council summit in Brussels on Dec. 18, and formally presented by the European Commission on Jan. 14.

The Czech Republic, Hungary and Slovakia opted out of backing the loan, prompting the use of enhanced cooperation, according to the statement.

The decision was approved by 499 votes in favor, 135 against and 24 abstentions.

On Tuesday, members of the European Parliament voted to fast-track work on the loan and related proposals, which will now be negotiated with the council under the ordinary legislative procedure, it added.