14:21 04.11.2015

Germany to provide EUR 136 mln in loans, grants to Ukraine in 2016

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Germany to provide EUR 136 mln in loans, grants to Ukraine in 2016

Germany will provide EUR 136 million in loans and grants to Ukraine in 2016 to realize over 20 projects.

Economic Development and Trade Minister of Ukraine Aivaras Abromavicius and Head of the Directorate of the Federal Ministry for Economic Cooperation and Development of Germany Andreas Gies signed the corresponding documents in Kyiv on Wednesday.

"The directions of their use is from rather large projects on construction of housing for internally displaced persons (IDPs) to very concrete and specific programs aimed at repairing schools, for example," Deputy Economic Development and Trade Minister of Ukraine Maksym Nefyodov told reporters after the signing ceremony.

He said that EUR 88 million will be provided as a loan, and EUR 48 million will be provided as technical assistance.

The funds will mostly be allocated through KfW development bank.

Nefyodov said that the credit rate will depend on each project, but will be seven or eight times lower than commercial rates.

He said that the funds will be allocated to both current projects and new ones, including projects to develop democracy, support economic growth and the energy independence of the country, and develop the social sector. Some of the funds will be allocated to operational needs, particularly, for aid if acts of God occur.

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