Ukraine signs $100M loan agreement with IBRD to restore Donbas

Ukraine signs $100M loan agreement with IBRD to restore Donbas

Ukrinform
Ukraine has signed a $100 million loan agreement with the International Bank for Reconstruction and Development (IBRD) to implement the project "Eastern Ukraine: Reunification, Reconstruction and Revival".

The document was signed by Deputy Prime Minister - Minister for Reintegration of the Temporarily Occupied Territories Oleksiy Reznikov and acting Regional Director of the World Bank for Eastern Europe Baher El-Hifnawi, Ukrinform reports with reference to the Ministry for Reintegration.

"The loan is provided for 27 years at 0.25% per annum, the first 12 years - preferential. In the near future, an agreement will be signed between the Finance Ministry and the Ministry for Reintegration on the use of these funds,” reads the report.

The project "Eastern Ukraine: Reunification, Restoration and Revival" (Project 3B) envisages the major repairs of about 183 km of roads in Luhansk region, which are key transport corridors in the region, and attracting investment to restore agriculture through the implementation of certain agricultural sub-projects aimed at eliminating the consequences of Russia's armed aggression for agriculture in Luhansk region controlled by the government of Ukraine.

"This project, like the future Strategy of Economic Development of Donetsk and Luhansk regions, is focused on people. Creating comfortable conditions for citizens, creating jobs are the priorities," Reznikov stressed.

As reported by Ukrinform, the Cabinet of Ministers on September 2 agreed to raise a loan totalling $100 million from the IBRD for the project "Eastern Ukraine: Reunification, Reconstruction and Revival" and authorized Deputy Prime Minister - Minister for Reintegration of the Temporarily Occupied Territories Oleksiy Reznikov to sign the relevant agreement with the IBRD.

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