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Saturday, June 24, 2017

EIB reaffirms vow to aid Ukraine as loans finalized

European Investment Bank (EIB) President Werner Hoyer and Vice President Laszlo Baranyay visited Kiev to solidify the bank's commitment to aiding Ukraine.

Hoyer and Baranyay met with Ukrainian President Petro Poroshenko and Prime Minister Arseniy Yatsenuk to discuss the challenges the nation faces in the current economic climate. The topic of further financial aid from the bank was also discussed in depth as they finalized loan agreements.

"The EIB is committed to supporting priority projects in Ukraine so it can better face its recent challenges," Hoyer said. "The EU bank stands ready to sign more than ($1.2 billion) in total loans for this year, as part of the ($3.7 billion) package targeted for 2014-2016.”

Two loan agreements were signed during the EIB officials' visit to Ukraine. The first is for $185.7 million to upgrade the Urengoy-Pomary-Uzhgorod pipeline. The second is an additional $105 million to improve food storage and processing infrastructure at MHP Group Ukraine, the country's largest agri-food producer.

Organizations in this story

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