Acting finance minister signs amendments to Ukraine-EIB agreements

Acting finance minister signs amendments to Ukraine-EIB agreements

Ukraine's acting Finance Minister Oksana Markarova has signed amendments to three agreements between Ukraine and the European Investment Bank (EIB), each of which involves the attraction of 400 million euros.

This is stated in a press release of the Finance Ministry, which was made available to Ukrinform.

"The agreement on the project 'Ukraine Municipal Infrastructure Program' was signed on July 23, 2015 and ratified by the law of Ukraine dated February 3, 2016, No. 975-VIII. It provides that the EIB pays a loan of up to 36 tranches in the amount of at least five million euros each, with each subsequent tranche issued only after the previous one was at least 80% repaid. But in the process of implementing the project it turned out that these conditions need to be adjusted. The letter 'Waiver of Restrictions and Amendments' to the Financial Agreement, signed by Oksana Markarova, creates optimal conditions for the selection of funds within the Ukrainian Municipal Infrastructure Program," the report says.

Amendments were also introduced to the Financial Agreement under the project "Ukraine Agri-Food APEX Loan" (signed on December 28, 2015, ratified by the law of Ukraine dated September 20, 2016, No. 1530-VІІІ), which helps start the use of loan funds that will become a promising source of long-term lending to the agrarian sector of Ukraine's economy.

In accordance with the Financial Agreement under the project "APEX Loan for SMEs & Mid-Caps (Ukraine)" (the agreement was signed on December 24, 2014, ratified by the law of Ukraine dated July 15, 2015, No. 601-VIII), the loan funds from the EIB will be directed to expand the possibilities for financing the real sector of the economy, in particular small and medium-sized enterprises projects, institutions with average capitalization and other priority projects, in particular, those related to infrastructure, energy efficiency, the mitigation of the consequences of climate change and adaptation to them. The Finance Ministry notes that amendments to this agreement will facilitate the extension of the availability of loan funds, due to which more small and medium-sized enterprises will get access to long-term financial resources.

As reported, in 2004 Ukraine started cooperation with the EIB to create regulatory framework to attract its resources for infrastructure, energy, environmental protection and other investment projects.


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