Yatseniuk signs financial agreement to raise EUR 400 mln loan for projects in agriculture

16:58, 28.12.2015 1 min read

Ukraine's Prime Minister Arseniy Yatseniuk has signed a financial agreement to raise a EUR 400 million loan from the European Investment Bank (EIB) for projects in the agricultural sector, the press service of the government said on Monday.

The agreement secures a EUR 400 million loan for the term of 12 years with a four-year grace period to finance projects in cereals and oil seeds cultivation, modernization of fisheries and aquaculture in Ukraine.

Ukraine's Ministry of Finance acts as the borrower. Together with the Agrarian Policy and Food Ministry and Ukreximbank, it will select projects and monitor their implementation.

EIB loans can be used to cover up to 50% of the projects' cost; the rest of the funds will come from the banks participating in the projects and ultimate beneficiaries. The implementation of the project will allow accumulating EUR 800 million of financial resources.