KYIV- Ukraine is set to receive a new loan of 35 billion euros (about $38.4 billion) from the European Union by the end of this year, the government-run Ukrinform news agency reported Tuesday, citing a senior EU official. 

Maros Sefcovic, executive vice-president of the European Commission, said that EU member states and the European Parliament are expected to finalize the necessary legislative procedures soon for the loan allocation. 

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"The EU remains unwavering in its support for Ukraine and its people for as long as necessary," Sefcovic said. 

The loan, announced by the EU last month, is intended to help Ukraine meet its urgent budgetary needs amid its ongoing conflict with Russia. 

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It is part of a broader 50-billion-dollar commitment made by the Group of Seven (G7) countries in June, which will be funded using interest from frozen Russian assets.