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President of Ukraine to borrow € 500 million euros from Germany for restoration of Donbas

President of Ukraine Petro Poroshenko proposes the Parliament to consider the bill on the ratification of the Memorandum on 500 million euro loan.
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President of Ukraine Petro Poroshenko suggested that the Verkhovna Rada ratify a draft law “On Ratification of the Memorandum on Common Intentions of the Government of Ukraine and the Government of Germany Regarding the Untied Loan Guarantees in the Amount of EUR 500 Million,” Joinfo.ua reports referring to the press service of the President.

The document was signed on April 1, 2015 in Berlin. The loan is provided for the restoration of infrastructure in the Donbas.

The German government intends to provide Untied Loan Guarantees (UFK) of the Credit Institution for Reconstruction (KfW) in the amount of 500 million euros.

The funds will be used for restoration and modernization of infrastructure in the regions of Eastern Ukraine in the fields of transport, energy, heating, energy efficiency, water and sanitation, social infrastructure rehabilitation and housing.

Earlier we reported that the North Atlantic Alliance had decided to transfer all the funds provided for Russia for the financing of Ukraine.

The North Atlantic Alliance stepped up the funding of programs in Ukraine after termination of cooperation with Russia. It was stated by Ihor Dolhov, the Deputy Minister of Defense of Ukraine on European integration, during the 11th Assembly of the Ukraine-NATO Civic League.