The European Parliament approved on Wednesday an emergency aid package for Ukraine amounting to €1.2 billion.

The 12-month loan to be paid in two installments was initially proposed by the European Commission at the end of January and was approved by EU member states on Friday. The loan “provides quick support in the event of an acute crisis and strengthens the country’s resilience,” reads the text adopted by the European Parliament.

Half of the amount will be awarded immediately if certain conditions are met: Ukraine needs to show progress in implementing a macroeconomic program established by the International Monetary Fund (IMF), as well as guarantees of the rule of law.

MEPs gave the green light to the aid package in an emergency procedure, with 598 votes in favor, 55 against and 41 abstentions.