The European Commission on Tuesday raised 500 million euros (677 million U.S. dollars) on the capital markets to fund the first loan tranche for Ukraine under the new Macro-Financial Assistance (MFA II) program.

The funding was raised via European Union (EU) 10-year bond in April, according to an official statement. The loan tranche will be disbursed to Ukraine on June 17.

MFA II is supporting Ukraine with loans of up to 1 billion euros, intended to assist the country economically and financially in the current critical stage of its development. The program is part of the package to support Ukraine as announced by the European Commission on March 5. (1 euro = 1.35 U.S. dollars)