U.S. offers Ukraine up to $1 billion in sovereign loan guarantees
The U.S. is offering Ukraine up to $1 billion in sovereign loan guarantees to help the country's economy as it faces the threat of a Russian military buildup at its border.
Driving the news: Secretary of State Antony Blinken said in an emailed statement late Monday the offer, combined with "the strong partnership" among Ukraine, the International Monetary Fund and others, would "bolster Ukraine’s ability to ensure economic stability, growth and prosperity for its people in the face of Russia’s destabilizing behavior. "
- "This action builds on the support the United States, our allies, and partners, including the G7 and international financial institutions, have provided Ukraine to help protect its economy amid Russian pressure in recent years," he added.
Meanwhile, the "Export-Import Bank of the United States intends to make available up to $3 billion to facilitate procurement of U.S. goods and services for projects in Ukraine," Blinken said.
- The U.S. International Development Finance Corporation "has a current investment portfolio in Ukraine of approximately $800 million across more than a dozen projects," he added.
The big picture: The U.S. issued three separate $1 billion sovereign loan guarantees to Ukraine from 2014 to 2016, following Russia's annexation of the Crimean peninsula.
- "These loan guarantees played a critical role in helping Ukraine successfully stabilize its economy amid previous Russian aggression and implement a bold economic reform agenda underpinned by ambitious cooperation with the International Monetary Fund," Blinken said.
Editor's note: This article has been updated with new details throughout.