Ukrainian President Petro Poroshenko has signed the law on ratification of the financing agreement between Ukraine and the European Investment Bank (EIB) on the issue of EUR400 million for projects in agriculture.

According to a report on the website of the Ministry of Agricultural Policy and Food, the credit in general will help accumulate EUR800 million for the development of agriculture. EIB money in loans can account for up to 50%, the other part of costs should be covered by the banks participating in the lending program or borrowers themselves.

As reported, former Prime Minister of Ukraine Arseniy Yatsenyuk at the end of December 2015 signed a financial agreement on raising a loan in the amount of EUR400 million from the EIB for projects in the agricultural sector of Ukraine.

The implementation of the agreement will help attract EUR400 million for 12 years with a four-year grace period. The funds will be spent on projects for growing grains and oilseeds, modernization of fisheries and aquaculture in Ukraine.