European Union finance ministers on Friday backed a 5 billion euro ($5 billion) loan for Ukraine, according to reports. 

Meeting in Prague, the ministers also discussed longer-term options to help Ukraine fund its reconstruction in the future, as well as possible other options to give short-term financing.

The 5 billion euro loan agreed on Friday, which will be backed by guarantees of EU member states, is part of an overall 9 billion euro package announced in May.

(With input from Reuters)