The Ministry of Finance of Ukraine and JSC Ukrposhta signed a mortgage agreement in the amount of EUR 30 million to ensure the fulfillment of obligations under the Logistics Network (Ukrposhta Modernization and Digitalization) development project between Ukraine and the European Investment Bank (EIB), the ministry reported on Friday.

"The implementation of a joint project with the EIB to transform the logistics network of JSC Ukrposhta will help improve the company's capabilities as the main domestic postal operator and will allow it to provide postal services in accordance with the best international standards," Deputy Minister of Finance Olha Zykova is quoted in the press release.

As reported, this project between the EIB and Ukrposhta was signed back in October 2020 under government guarantees. Thanks to the loan, Ukrposhta planned to modernize its logistics network by building three new sorting centers, 20 postal depots and related IT infrastructure.