Government to raise EUR 63M loan from EBRD to modernize Ukrposhta's network

Government to raise EUR 63M loan from EBRD to modernize Ukrposhta's network

The Cabinet of Ministers has approved a resolution to attract a EUR 63 million loan from the EBRD for the modernization of the logistics network and rural branches of JSC Ukrposhta, Ukraine’s national postal operator.

The relevant decision was approved at a government meeting on October 21, an Ukrinform correspondent reports.

"Ukrposhta continues to implement a large-scale investment program for this year to modernize the existing logistics network and improve the work of the post office. Today the government has supported a EUR 63 million loan from the EBRD for the company's key projects to modernize its logistics network and rural offices,” said Infrastructure Minister Vladyslav Kryklii.

He noted that despite the crisis and quarantine, Ukrposhta continues its development, recruit new staff, pay record dividends to the state, and actively sell its non-core assets, directing them to modernization.

The funds raised from the EBRD will be used to implement the projects "Logistics Network" and "Rural Branch" of Ukrposhta.

As reported by Ukrinform, the European Investment Bank (EIB) will provide a EUR 30 million loan to Ukrposhta to continue the modernization and digitalization of the country’s postal services. The loan will allow Ukrposhta to start modernizing its logistics network with three new sorting hubs, 20 postal depots and IT infrastructure. The loan agreement was signed on the sidelines of the EU-Ukraine Summit in Brussels on October 6.


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