12 October 2016, Wednesday, 17:08 138

Poroshenko Signs Ratification Of Agreement With EIB On Loan Of EUR 400 Million For Agricultural Projects

Редактор: Daria Zubkova

President of Ukraine Petro Poroshenko has signed a law on ratification of an agreement with the European Investment Bank for a loan of EUR 400 million for financing the agricultural projects.

Ukrainian News learned this from the page of law No.0106 on the website of the Verkhovna Rada of Ukraine.

The agreement was signed on December 28, 2015.

The loan is for a period of 12 years with a four-year grace period.

The EIB will disburse the loan in tranches (not exceeding 20), the amount of each will be at least EUR 10 million.

The loan funds are planned for financing projects involving cultivation of grain and oilseed crops and modernization of the fishing, and aquaculture industries in Ukraine.

The borrower of the funds is the Ministry of Finance, which, with the participation of the Ministry of Agrarian Policy and Food and in cooperation with Ukreximbank, will select the projects to be financed and monitor their implementation.

The government believes that implementation of the project will help to support small and medium-sized enterprises, modernize production and create new capacities, and facilitate development of infrastructure and logistics.

As Ukrainian News earlier reported, Ukraine obtained the loan of EUR 400 million from the EIB on December 28, 2015.

The Verkhovna Rada ratified an agreement with the European Investment Bank for an agricultural loan of EUR 400 million on September 20, 2016.