The Ukrainian Cabinet of Ministers has asked the Verkhovna Rada to allow the country to raise $3 billion from the Export-Import Bank of China for the development of agricultural projects.
According to draft amendments to the 2012 budget (No. 10683) tabled in parliament on Monday, the government proposed to increase the limit for the budget deficit and the national debt to allow it to raise the loan from China.
According to an explanatory note, the document is designed to ensure the implementation of agricultural projects, in particular projects to buy Chinese crop protection agents, seeds, agricultural equipment; that for sales of Ukrainian grain to China; the construction of a plant in Ukraine for the production of crop protection agents, processing organic fertilizers; and other projects in the country.
The Agricultural Policy and Food Ministry of Ukraine and the Export-Import Bank of China on June 28, 2012 signed a memorandum of cooperation that allows Ukraine to raise $3 billion for the development of its agriculture.
