China extends availability of loan for Naftogaz for energy projects until 2018

18:16, 29.08.2016 1 min read

Funds under the loan agreement between Naftogaz Ukrainy and China Development Bank for a total of $3.65 billion will be available for use until December 25, 2017.

"The Chinese side made the decision at a meeting of the trade and economic cooperation subcommittee of the commission for cooperation between the governments of Ukraine and China on August 25 this year," reads a press release from Naftogaz.

Extending the loan availability period will allow Ukraine not to lose the opportunity of using "long" and competitively priced funds for modernization of the energy industry and should be sufficient to agree on a common position on the use of these funds among all Ukrainian agencies.