Ukraine, Germany sign agreement on financial cooperation

These funds will be used for the implementation of investment projects, the press service of the Ukrainian Finance Ministry reported.

Today, December 17, a solemn signing of an agreement on financial cooperation between the Cabinet of Ministers of Ukraine and the Government of the Federal Republic of Germany took place. This is a framework agreement that defines a list of projects, the financing agreements of which were reached by the German government during the Ukrainian-German negotiations in 2011-2019.

The agreement provides for the allocation of a EUR 214.6 million loan on special terms, which will be used for the implementation of investment projects in the energy sector (modernization of substations and the integration of a Ukrainian energy system into the European unified energy system), support for small and medium-sized businesses, the introduction of energy efficient measures in public buildings (schools and kindergartens), and the reconstruction of communal infrastructure in the regions.

In addition, the agreement envisages the provision of grants worth up to EUR 40 million on a gratuitous and non-refundable basis, of which EUR 30.5 million will be used to improve the vocational education system and strengthen local self-government in Ukraine.

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