Ukravtodor to improve efficiency of using credit funds – agency head

10:37, 06.12.2016 1 min read

The State Agency of Automobile Roads of Ukraine (Ukravtodor) intends to revise the policy of implementation of infrastructure projects, which are carried out using credit funds, agency head Slavomyr Novak has stated.

"I am against loans for loans. The funds we borrow from international partners should be used effectively, because we must return every cent of the loan with interest. Yes, this cooperation is very necessary for Ukraine, in particular, for the development of the road sector. However, we have to be realistic about our possibilities in using such funds," Novak said.

He also noted the situation when Ukraine undertakes debt obligations but cannot effectively use additional resources affects both the financial position of the agency and the country's economy as a whole. This prompted Ukravtodor by agreement with the World Bank to reduce the loan issued to it by $220 million.

As reported, the World Bank decided to temporarily withdraw $220 million from the Ukravtodor loan portfolio.