18:32 15.07.2015

Rada ratifies memo with Germany on EUR 500 mln loan to restore Donbas infrastructure

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Rada ratifies memo with Germany on EUR 500 mln loan to restore Donbas infrastructure

The Verkhovna Rada of Ukraine has ratified a memorandum of intent between the governments of Ukraine and Germany on the provision of a EUR 500 million loan for the restoration of infrastructure in eastern Ukraine and for the needs of the state budget's general fund.

A total of 266 lawmakers voted for relevant bill No. 0048 in parliament on Wednesday.

The memorandum was signed in Berlin on April 1, 2015.

According to explanatory notes to the bill, the ratification of this memorandum will create a legal framework for Ukraine to receive a EUR 300 million loan from KfW Group of Banks to finance first priority projects in the construction and modernization of infrastructure in the eastern regions of Ukraine in the following fields: transport, energy, heating, energy efficiency, water supply and drainage, social infrastructure, and housing construction and reconstruction.

The memorandum also envisages the provision of EUR 200 million in financing for the needs of the state budget's general fund.

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