European Council President Charles Michel said on social media that all 27 EU leaders agreed to the support package for Ukraine as part of the bloc's budget, adding that it "locks in steadfast, long-term, predictable funding" for Kyiv.
"EU is taking leadership and responsibility in support for Ukraine; we know what is at stake," Michel said.
The $54 billion package is intended to cover 2024 through 2027 with $35 billion allocated in the form of loan guarantees and $18 billion in "non-repayable support."
Ukrainian President Volodymyr Zelensky thanked the European Council for the funding and stressed the challenges posed by Russia's access to artillery shells from North Korea.
"They are already terrorizing our cities in addition to the Iranian Shahed's that are destroying our civil infrastructure. Intelligence confirms that Russia will receive a million artillery shells from Pyongyang," Zelensky told the Summit via video link.
"Unfortunately, the implementation of the European plan to supply one million artillery shells to Ukraine is being delayed and this too is a signal of global competition in which Europe cannot afford to lose and that's why today your unity is so needed in creating the Ukraine Assistance Fund," Zelensky continued.
The draft which was adopted Thursday includes language promising that the European Commission will be "objective, fair, impartial and fact-based," when assessing funding.
Additionally, the text included language agreeing to yearly reports on Ukraine funding and a review in two years.
The provisions were included as concessions to the Hungarian government under right-wing President Viktor Orban who had previously had previously opposed the package in a spat over $6.8 billion in EU funding that has been held up over concerns that Hungary was not doing enough to maintain an independent judiciary and justice system.
Orban reacted positively to the deal in a video shared to social media after it was approved following a meeting with Michel, European Commission President Ursula von der Leyen and leaders of various countries within the bloc.
"We fought it out! Hungarians can't give money to Ukrainians! We do not participate in the war, we do not send weapons, we are still on the side of peace!"
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