The Ukrainian government has finished a document on a EUR 400 million credit from the European Investment Bank (EIB) for ratification by parliament. The credit will provided for projects in the agricultural sector, Deputy Agricultural Policy and Food Minister of Ukraine Vladyslava Rutytska said in Kyiv on Thursday.

"This week we've finished a package required for submission to the Verkhovna Rada for ratification. The document was drawn up jointly with other ministries," she said.

Rutytska said that the funds will be sent to support small and medium-sized agricultural enterprises, mainly grain and oilseed producers. The funds will be also allocated to support aquaculture and other projects managed by the ministry.

Ukraine's Prime Minister Arseniy Yatseniuk in late December 2015 signed a financial agreement to raise a EUR 400 million loan from the EIB for projects in the agricultural sector.

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 remaining funds will come from the banks participating in the projects and ultimate beneficiaries. The implementation of the project will provide for the accumulation of EUR 800 million of financial resources.