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Real sector of Ukrainian economy is going to receive more financial aid from EBRD
15.10.2015 | 19:20 | printer friendly

The real sector of the Ukrainian economy will receive additional financial support from the EBRD for the funding of state-owned and municipal companies. The funding was approved by the Directors Board of the EBRD in London on October 14. Deputy finance minister of Ukraine Artem Shevalyov, who is in charge for European integration, participated in the meeting of the Directors Board.

 

The Ministry of Finance is actively working to create a basis for the fast economic growth of Ukraine. With this purpose the Ministry is attracting long-term loans under preferential terms from the official bi- and multilateral partners of Ukraine for the development of the real sector of the economy. Preferential loans used for financing the infrastructure development are contributing to the improvement of companies efficiency, helping create new working places and boosting the competitiveness of the entire country. Investments in infrastructure and improvement of the public and municipal services foster the development of other sectors of the economy.

 

Today, the Directors Board of the EBRD has decided to support the following projects:

 

- Development program for the public transport in Ukraine (volume: EUR 100m).

 

Under the program public transport companies in Ukraine will be able to receive loans from the EBRD to be used to improve the public transport infrastructure, first of all for the purchase of new vehicles. The re-payment of the loans shall be guaranteed by local administrations, which has become possible due to the fiscal decentralization completed by the Government of Ukraine, increased financial independence and powers of the regions. 

 

EBRD shall grant loans under the following terms:

 

- towns and cities should adopt new regulations on contests for the allotment of lanes aimed to reduce discrimination in the competition between state-owned and private operators;

- tariff reforms in every town aimed to improve the financial situation of the providers with fare revenues;

- improvement of standards for the release of data on the financial and operational results of companies;

- improvement of financial management, organizational and cost-cutting effectiveness of companies receiving the loans etc.

 

The first company to receive the loan under this program is the municipal enterprise Odesmiskelectrotrans in Odessa. The loan amounting up to EUR 8m shall be guaranteed by the city administration. The loan is granted for up to 12 years including a two-year grace period and shall be re-paid in 20 equal parts every six months. The loan has a volatile interest rate equal to Euro LIBOR + 400 to 700 basic points.

 

The loan shall be used for the purchase of up to 45 new trolley-buses and necessary maintenance equipment. The purchase will be effected in accordance with the bidding standards and under participation of the EBRD.

 

The implementation of the program for the development of the public transport in Odessa will enable the local administration to expand the environmentally safe public transport fleet, to increase the volume of public transport services and to improve their quality.

 

Similar projects are now being considered in Chernigiv, Chernivtsi, Sumy, Ivano-Frankivsk, Mykolaiv, Lviv, Kremenchuk, Zhytomyr and Lutsk. Individual loan agreements with these cities can be signed in the course of 2016 and 2017.

 

- Modernization project for the state-owned joint stock company Ukrgidroenergo.


This project is a part of a bigger program for the modernization of all generating capacities of Ukrgidroenergo with the total power of 4600 MW at ten electricity plants most of which were put into operation back in the 1960s. The modernization program was launched in 1996 and is planned to be completed before 2022. Todays decision of the EBRD is changing the terms of the project amounting EUR 180m and prolonging the loan maturity date which will improve the mid-term debt profile of the company.

Created by "Softline" Corporation (Ukraine) © Ministry of Finance of Ukraine
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