An agreement on the World Bank's issuing a $400 million loan to revive Ukraine's banking sector was signed in Kyiv on Friday.
Ukrainian Economics Minister Bohdan Danylyshyn and World Bank
Country Director for Ukraine, Belarus and Moldova Martin Raiser signed
the document.
The five-year loan is part of a $750 million credit package intended
to stabilize Ukraine’s financial sector. A second loan of $350 million
is due to be allocated next year.
The second tranche’s disbursal will depend on Ukraine’s compliance with the program, and the amount may be revised.
“This is a very beneficial project, which is extremely advantageous
for our country, as it envisages repayment in equal portions. Thus we
will have an opportunity to conduct systemic reforms in the country,”
Danylyshyn said after signing the document.
“We hope that our loan will help to bolster confidence in the
banking system in Ukraine, and thus lay the foundation for post-crisis
recovery and economic restructuring,” Raiser said.
