BRUSSELS, (Reuters) – The European Commission will consider a new, joint debt issuance of the 27-nation bloc to help cover Ukraine’s liquidity gaps, which total 15 billion euros ($15.9billion) in the coming three months, according two EU officials.

According to an EU official, a Commission proposal will be released on May 18th. Officials indicated that the EU could borrow new money from the EU based on its SURE scheme, which was used to fund unemployment benefits for the COVID-19 epidemic.

The Ukraine could then get loans very affordable from the EU, while the EU would have to guarantee that their joint borrowing will be repaid.

A senior EU official claimed that “it is one of the models under review, but it has not been determined yet.”

According to officials, the EU anticipates the United States joining the effort with around 5 billion euros. That would enable the EU raise approximately 10 billion euros via joint borrowing.

Officials confirmed that this idea would be brought up at the Group of Seven meeting of finance ministers in Bonn, May 18-20.