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August 4, 2015

Loan agreements with European banks ratified

On 15 July 2015, the Verkhovna Rada of Ukraine ratified several agreements on attraction of credit resources from European banks.

Thus, the MPs supported the bill on the attraction of a loan in the amount of EUR 500 million from the Kreditanstalt für Wiederaufbau (KfW) German banking group, which will be used for restoration and modernization of the Donbas infrastructure.

Moreover, the Verkhovna Rada ratified the loan agreement with the European Investment Bank in the amount of EUR 400 million. The obtained funds will be used for supporting small and medium enterprises.

In addition, the European Investment Bank will issue a loan to Ukraine for upgrading the Urengoy-Pomary-Uzhgorod gas pipeline. Ratification of this agreement will also allow to obtain a loan from the European Bank of Reconstruction and Development (EBRD) and thus extend the total amount of the project to EUR 355 million.

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