The European Union announced Thursday that it would be sending 18 million euros ($20.7 million) to Iran in the first of several financial aid packages aimed at economically supporting the country under the weight of U.S. sanctions.

Thursday’s financial package is a chunk of a bigger package of 50 million euros it plans to provide Iran as part of the EU’s proposal to renew cooperation and engagement between Iran and the EU following the crumbling of the Joint Comprehensive Plan of Action (JCPOA).

“With these measures, the EU demonstrates its support to the Iranian people and their peaceful and sustainable development. It encourages stronger involvement of all actors in Iran and in particular the private sector,” Neven Mimica, the EU’s commissioner for International Cooperation and Development, said in a statement.

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