Public joint-stock company State Food-Grain Corporation has initiated the reduction of the rate under a government-secured loan of $1.5 billion issued to the corporation in 2012 by Export-Import Bank of China

"Today we are working on the important issue – the reduction of the credit rate. It is a large burden for the corporation, while the financial markets sank," acting Board Chairman Oleksandr Hryhorovych said at a press conference in Kyiv on Thursday.

He said that today's rate is 4.5%.

"As far as I know, the Cabinet of Ministers has instructed the Finance Ministry and Foreign Ministry to consider a letter with a proposal to change the conditions of the loan agreement. We hope that the issue would not be delayed," he said.

The corporation hopes that the rate would be decreased to 3%.

"China in the person of CCEC understands our proposal," he said.

Hryhorovych said that the corporation placed some funds of the Chinese loan at Ukreximbank at 4% per annum.

"The deposit expired and the rate was 0.25% for the past two months," he said.

He added that the corporation is looking for a chance to transfer the deposit to another bank.

"We have managed to place a small amount at 6.17%. There are no more banks interested in these funds. There are no projects where we could invest now," he said.

Hryhorovych said that from November 14 representatives of China's CCEC have been working in Ukraine. The results of cooperation will be presented on December 6.

Hryhorovych said that the corporation seeks to stir up cooperation with CCEC in trade with plant protection agents, mineral fertilizers and implementation of some infrastructure projects.