The European Investment Bank (EIB) approved a 50 million euro loan Friday to Ukraine to help economic and agricultural and food development.
EIB Vice President Laszlo Baranyay, who is in charge of lending operations for Ukraine, said that this will be the first time a loan of this nature will be used to develop Ukraine's private and food production sectors.
"The loan will help improve the resource efficiency of the country’s agri-food sector and contribute to better food security and self-sufficiency," Baranyay said. "It will support the economic development of Ukraine and its integration with international markets and generate additional employment, particularly in country’s rural areas.”
The European commission announced that an 11 billion euro assistance package is to go to Ukraine over several years with 3 billion of that coming from the EIB, assuming political and operational conditions allow for the package.