BRUSSELS, (Reuters) – The European Commission suggested Wednesday a loan of 9 billion euros ($9.5 billion) to Ukraine in order to help it fight off Russian aggression. It also wants to establish a facility to assist with reconstruction after war.

According to the EU’s macro-financial assist mechanism, the Commission on Markets would take out the money needed for the $9 billion loan. The guarantee of EU governments will back the loans.

Ursula von der Leyen, President of the Commission stated that she was proposing to increase short-term relief for Ukraine with an exceptional macro-financial aid to Ukraine in excess to 9 billion Euros by 2022.

For the larger rebuilding effort, we must think about what the next day will bring. She said that the EU should and would not be alone in contributing to this effort.

She stated that a reconstruction platform was proposed as part of the plan jointly lead by Ukraine and Commission. It would bring together EU member states, bilateral and international donors, international financial institution, and other like-minded partner countries.

($1 = 0.9507 euros)