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Ukraine, EIB sign agreement on EUR 200 mln loan for repair of war damaged infrastructure

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Ukraine, EIB sign agreement on EUR 200 mln loan for repair of war damaged infrastructure
Photo: eib.org

Ukraine and the European Investment Bank have signed an agreement on lending EUR 200 million to Ukraine under the Ukraine Early Recovery project.

The document was signed by Ukrainian Prime Minister Arseniy Yatseniuk and EIB Vice President Laszlo Baranyay in Kyiv on Monday, an Interfax-Ukraine correspondent reported.

The EIB Board of Directors approved the draft agreement on December 16, 2014, and the Ukrainian government approved it on December 19.

The objective of the Ukraine Early Recovery loan, which is raised by the Ukrainian government, is to address short-term needs in affected areas controlled by the government of Ukraine, and basic infrastructure needs to shelter internally displaced people in other regions of Ukraine, the EIB said.

After the signing of the agreement, Yarseniuk said the received funds will be spent on the repair of infrastructure in Donetsk and Luhansk regions, which are controlled by the Ukrainian authorities, as well as on infrastructure projects in Zaporizhia, Dnipropetrovsk and Kharkiv regions.

According to the premier, the loan is designed for 20 years, and the funds will be received by public utility companies in the relevant territories.

The premier also said that the efficient use of the credit funds should be monitored jointly by Ukraine and the bank.

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