March 17 Governments of Germany and Ukraine to agree on conditions to allocate EUR 500 mn

On Tuesday, March 17, a working group arrives to Ukraine to finally agree the text of a memorandum and a framework agreement to obtain credit worth € 500 million, due to be signed in early April. This was announced by Vice Prime Minister of Ukraine, Minister of Regional Development, Construction, Housing and Utilities of Ukraine Hennadii Zubko, who is staying in Germany within the framework of an official visit of President of Ukraine Petro Poroshenko. According to Hennadii Zubko, the working group will compose of representatives of the federal ministries of economic affairs and transport.

"A meeting with German Chancellor Angela Merkel concerned discussion of an issue to provide a KFW Bank loan to restore the eastern part of Ukraine as well as directions to apply these funds. It includes macro-financial support of the state budget of Ukraine, support of small and medium-sized business, projects in energy and infrastructure rehabilitation," said Hennadii Zubko.

According to him, the money will bring a tremendous positive effect on the economy of the whole country, thus providing an opportunity to create new jobs, new businesses, launch important infrastructure projects.

As was reported earlier, Vice-Prime Minister is the Chairman of the Ukrainian part of the Ukrainian-German high-level group on economic cooperation.