KYIV, Oct 28 – The European Commission welcomes the consensus reached by the EU and G7 partners on October 25 in Washington to collectively provide loans for EUR 45 billion (approximately $50 billion) in loans under the G7 Emergency Revenue Acceleration (ERA) initiative for Ukraine, and intends to provide EUR 18 billion of this amount.

"In light of the confirmed contributions of G7 partners, ensuring support proportionate to the size of their respective economies, the EU expects to provide a macro-financial assistance (MFA) loan of approximately ?18 billion as its contribution to the ERA initiative," the European Commission said in a statement on Saturday.