Canada will contribute €500 million to the EU loan for Ukraine, Prime Minister Mark Carney announces

Canada announced on Friday, at the end of a two-day summit held in Montreal, that it intends to contribute €500 million to the €90 billion loan the European Union is providing to Ukraine for 2026–2027. Canadian Prime Minister Mark Carney said the funds would be provided through the European mechanism designed to support Kyiv amid the war.

The announcement came on the same day that Canada and the European Union signed several agreements to strengthen cooperation in strategic areas, including critical mineral resources and artificial intelligence.

Of the European loan, €45 billion is earmarked for next year. Brussels has warned, however, that the funds may be insufficient to support Ukraine’s war effort and is seeking new sources of financing.

Hungary, the Czech Republic and Slovakia negotiated not to contribute to the costs of the loan. The European Union and its member states have so far mobilized €231.5 billion for Ukraine in the form of financial, economic, military and humanitarian support.