Canada To Provide Nearly USD 300M In Concessional Financing To Ukraine

2024-10-11 03:12:36

(MENAFN- UkrinForm) On October 11, Ukrainian Finance Minister Serhii Marchenko signed the Fourth Additional Agreement with Canada for an additional loan of CAD
400 million (nearly USD
300 million).

This was reported by the Ministry of Finance , as cited by Ukrinform.

The funds from this agreement will be directed toward priority expenditures of Ukraine's state budget and will be facilitated through the IMF's Administered Account.

“Canada is one of the leaders in supporting Ukraine and a strategic partner that has provided significant assistance since the first days of the full-scale invasion. Direct budgetary support since February 2022 has reached more than USD 5 billion. I am grateful to the Government and citizens of Canada for their solidarity with Ukraine and their crucial contribution to the stability of Ukraine's financial system,” said Serhii Marchenko.

Read also: Germany to provide EUR 4B in military support to Ukraine in 2025 - Scholz

The additional loan is provided for a period of 10 years with an interest rate of 1.5% per annum. The grace period is 4.5 years from the date of disbursement.

The funds are expected to be transferred soon to Ukraine's general state budget fund.

As previously reported by Ukrinform, the European Bank for Reconstruction and Development and the International Finance Corporation, in partnership with the European Commission and the government of France, are investing USD
435 million to support the development of Ukraine's telecommunications sector.

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