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The Law on granting to Ukraine the credit of 400 million € has been signed - Taras Kutovyi

published 28 October 2016 13:53

The Minister of Agrarian Policy and Food of Ukraine Taras Kutovyi welcomed the signing the Law (#1530-VIII) "On ratification of the Financing Agreement between Ukraine and the European Investment Bank" by the President of Ukraine.

"Once again I want to stress the importance of such agreements with the EU. They are proof that Ukraine's European choice is unchanged. The money provided by the EIB in the form of credit should be spent effectively as a step to leap up,"- said Taras Kutovyi.

On his opinion, the important fact is that a loan as a whole will accumulate on the development of agribusiness the amount of € 800 millions because money of EIB in loans can be up to 50%, another part for expenditures for proposed projects should be covered by banks-participants of credit program or borrowers themselves

"These funds will encourage additionally the development of the industry; we plan to attract them to modernize fisheries, aquaculture, for projects regarding growing grains and oil-crops. We make farmers understand that we know about problems of the sector and are willing to give a hand where it is needed, "- the Minister said.

According to his words, the priority of the Ministry of Agrarian Policy and Food of Ukraine is to assist small and medium sized farmers in searching of capital to improve their conditions of creating value added products and search for ways to diversify export destinations Ukrainian quality products worldwide.

It should be noted that the entire program agreement with the European Investment Bank is designed for 12 years, 4 of which will be privileged for borrowers.