Ukraine to get EUR 150M as soft loan from Germany - PM

Ukraine to get EUR 150M as soft loan from Germany - PM

Ukraine's Cabinet of Ministers at a meeting on May 17 approved a resolution to attract a soft loan of up to EUR 150 million from the Credit Institute for Reconstruction (KfW), a German state-owned investment and development bank.

That's according to Ukrainian Prime Minister Denys Shmyhal, Ukrinform reports, referring to the website of the Ukrainian government.

"Ukraine will receive an additional EUR 150 million in financial support from Germany, which increases the total amount of such assistance from Germany to EUR 300 million. These funds will be promptly used to support our citizens and rebuild critical infrastructure," Shmyhal said.

According to the statement, the loan is provided for a period of 15 years, taking into account the grace period for the first payment of five years from the date of the conclusion of the agreement.

According to Shmyhal, financial support from Ukraine's international partners has already exceeded $5 billion since February 24 this year. He also noted that in the past few weeks the Cabinet of Ministers has reached an agreement on a $100 million loan from the Government of Japan and $1.5 billion as financial support from the World Bank.

On February 24, Russia launched a full-scale invasion of Ukraine. Russian troops are shelling and destroying critical infrastructure, shelling residential areas of Ukrainian cities, towns and villages using artillery, multiple rocket launchers, and ballistic missiles.

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