Govt approves raising $260 mln grant, World Bank's $1.1 bln and EIB's EUR 162 mln loans – Shmyhal
The Cabinet of Ministers of Ukraine approved raising a grant in the amount of $260 million, a loan from the World Bank worth $1.1 billion and from the European Investment Bank in the amount of EUR 162 million for reconstruction programs, Prime Minister Denys Shmyhal said.
"The government team is now paying a lot of attention to negotiations on obtaining the necessary funds to finance the budget deficit, our critical needs and the recovery program. We are making a decision today that will allow us to attract a grant from our partners for almost UAH 10 billion. Some $190 million will be provided by Norway, $70 million by Switzerland," Shmyhal said at a government meeting on Friday.
According to him, this grant will be provided through funds administered by the World Bank Group.
"In addition, there is a solution that will allow us to receive a loan from the World Bank in the amount of almost $1.1 billion. The support that the government will direct to social benefits, education, medicine and other priority needs is very important now," he said.
The government also approved two decisions that will allow it to receive about EUR 162 million from the European Investment Bank.
"These are funds within the existing programs for the restoration of Ukraine. We are talking about the reconstruction and construction of schools, hospitals, kindergartens, administrative buildings, administrative service centers, wastewater treatment plants and other facilities. In general, thanks to these funds from the EIB, we will be able to complete work on 28 projects and begin the implementation of 186 new projects to improve the quality of life of Ukrainian communities," the prime minister said.