Odesa raises five-year loan of UAH 1 bln at 22.4% per annum from Ukrgasbank

09:15, 19.02.2019 1 min read

Odesa City Council has attracted a five-year loan of UAH 1 billion from Ukrgasbank (Kyiv), according to the website of the Ministry of Finance of Ukraine.

According to the ministry, the cost of borrowing is 22.4% per annum. The loan repayment period is December 15, 2023.

As reported, Odesa in 2018 planned to provide about UAH 860 million of financial guarantees to municipal enterprises (in 2017 some UAH 1.3 billion). It was assumed that the specified financing would be used for investments, payments on the obligations of enterprises, as well as to cover their losses due to the excess of expenses for the services provided over the tariffs for these services.