The Board of Directors of the World Bank has approved a $214.7 million loan for Ukraine to realize the Serving People, Improving Health Project to support the implementation of reforms and improved service delivery in Ukraine’s health sector, the Finance Ministry has reported.

The ministry said that the loan from the International Bank for Reconstruction and Development (IBRD), part of the World Bank's Group, will be taken for 18 years with the five-year grace period with the variable credit rate (now less than 1% per annum).

"The World Bank has provided Ukraine with an opportunity to convert credit rates and the currency of the loan, which will allow Ukraine to minimize expenses on servicing of the loan," the ministry said.

The ministry said that the project will be realized during five years at the central and local levels (in the selected regions).