BRUSSELS -- The European Parliament on Wednesday overwhelmingly backed a financial aid package for Ukraine. A total of 90 billion euros ($107 billion) in loans will fund Ukraine's budget.

The legislation was adopted under an urgent procedure, with Parliament backing the loan proposal by 458 votes to 140, with 44 abstentions.

The package would earmark 60 billion euros to strengthen Ukraine's defense and support procurement of military equipment, while the remaining 30 billion euros would be delivered as macro-financial assistance or budget support through the European Union (EU)'s Ukraine Facility.

The loan is aimed at covering two-thirds of Ukraine's financial needs for 2026 and 2027, according to media reports.

The Council of the EU must still formally adopt the package before the European Commission can disburse a first payment early in the second quarter of 2026.