12:59 08.11.2017

Rada ratifies agreement with EIB on provision of EUR 120 mln loan to Ukraine

Rada ratifies agreement with EIB on provision of EUR 120 mln loan to Ukraine

The Verkhovna Rada of Ukraine has ratified the financial agreement under the Ukraine Higher Education project between Ukraine and the European Investment Bank on granting Ukraine a EUR 120 million loan.

Some 231 lawmakers voted for corresponding bill No. 0160 at a plenary session on Wednesday, an Interfax-Ukraine correspondent reported.

The financial agreement between Ukraine and EIB was signed on December 19, 2016. According to the document, the EIB is to provide a EUR 120 million loan for the implementation of the Ukraine Higher Education project.

It is also planned to raise a EUR 10 million grant from the Eastern Europe Energy Efficiency and Environmental Partnership (E5P) fund.

Ukraine will co-finance the project in part of tax and customs payments using funds of higher educational institutions-participants of the project or from other sources allowed by the law.

The explanatory note to the ratification bill also says that negotiations are under way with the Nordic Environmental Finance Corporation (NEFCO) regarding its possible participation in the project and co-financing it in the amount of up to EUR 30 million.

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