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Friday, 14 May 2021 08:42 GMT

Government approves ratification of Ukraine-Germany financial agreement


(MENAFN - UkrinForm) The Cabinet of Ministers has supported the ratification of the Agreement on Financial Cooperation between the Government of Ukraine and the Government of the Federal Republic of Germany, according to the Finance Ministry's press service.

"Today, April 14, 2021, the Cabinet of Ministers supported the bill ‘On ratification of the Agreement between the Cabinet of Ministers of Ukraine and the Government of the Federal Republic of Germany on financial cooperation (assignations of 2012-2019),' developed by the Finance Ministry, and approved the decision to submit the Agreement to Parliament, reads the report.

The agreement between the Cabinet of Ministers of Ukraine and the Government of the Federal Republic of Germany was concluded on December 17, 2020. This framework agreement is aimed at accelerating the procedure of concluding separate agreements and contracts on projects, the development and financing agreements on which were reached during the Ukrainian-German intergovernmental negotiations.

The agreement defines a generalized list of investment projects in the field of energy, infrastructure, entrepreneurship, etc., grants for their support of investment projects and individual grants that will be used to finance education and local government development.

The agreement provides for the allocation of a EUR 214.6 million loan on special terms for a period of 30 years. The funds will be used for the implementation of investment projects in the energy sector (modernization of substations and the integration of a Ukrainian energy system into the European unified energy system), support for small and medium-sized businesses, the introduction of energy efficient measures in public buildings (schools and kindergartens), and the reconstruction of communal infrastructure in the regions.

The agreement also envisages the provision of grants worth up to EUR 40 million on a gratuitous and non-refundable basis, of which EUR 30.5 million will be used to improve the vocational education system and strengthen local self-government in Ukraine.

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