Ukrainian President Petro Poroshenko has signed a bill into law to ratify a financial agreement between Ukraine and the European Investment Bank (EIB) on a Ukraine agri-food apex loan worth EUR 400,000, the presidential press service told UNIAN.
The agreement, which was signed in Kyiv on December 28, 2015, was ratified by the Verkhovna Rada, Ukraine`s parliament, on September 20.
The loan is designed for 12 years with a four-year grace period. The loan funds will be spent on the modernization of fisheries and aquaculture in Ukraine, as well as on the implementation of projects for cereals and oilseeds growing.
Potential beneficiaries include input suppliers, farmers, processors, storage and logistics operators, as well as testing laboratories, research and education institutions and extension services that contribute to the functioning of target value chains.
As was earlier reported, the EIB funds can cover up to 50% of project costs. The remaining 50% of the costs will be financed at the expense of own assets of participating banks or agribusinesses.
