A spokesperson from the European Commission has confirmed that Canada is seeking to join the €90 billion support loan for Ukraine."We are working hard with Canada, and the respective technical talks are very much ongoing," a spokesperson from the Commission told reporters on Friday."I can confirm that Canada has expressed an interest in joining the €90 billion Ukraine support loan."The loan is meant to subsidize Ukraine's financial and military needs as they continue their gruelling war against Russian incursion into their Eastern territories.So far the Commission's loan has provided €15 billion to the Eastern European nation, with more instalments expected to be provided soon."The more countries involved, the better. That can ensure that Ukraine can get the best and most suitable equipment for its defence needs," the Commission spokesperson added.The loan is set to accrue €3 billion in annual interest payments, which will be paid out proportionately to each country by the amount they are willing to loan.If Canada's participation in the loan scheme is successful, it will allow Ukraine far more economic leverage in their war and will allow for the Ukrainian military to source weapons and equipment from Canada using the loan money..As of right now the loan money has a "Made in Europe" requirement that only allows the funds of the loan to be spent on the continent, but the inclusion of Canada would theoretically allow for the loan money to be spent in Canada as well.This, among other more humanitarian motives, may prove to be the main reason behind the Canadian eagerness to be involved with the loan program, as the federal government has been outspoken in its claim that it wants to build up the Canadian domestic defence industry.Giving Ukraine a massive loan with the stipulation of having to spend the money in Europe and Canada means that Canada will not only recoup its investment through interest payments but will also benefit from the funding of its domestic defence industrial complex.The announcement also comes on the heels of a visit by the Ukrainian President, Volodymyr Zelenskyy, to Canada, where he and Prime Minister Mark Carney signed a 100-year defence and energy cooperation agreement.During this visit Zelenskyy thanked Canada countless times for its support and cooperation in assisting them in their ongoing war. The Ukrainian president was also quoted saying he hoped that this support would continue to increase.Despite the comments from the Commission spokesperson, the details of Canada's contribution to the loan program are still under negotiation.
