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Poroshenko legalizes 200 million euro “benefaction” from European Bank for Ukraine

President of Ukraine Petro Poroshenko signed the law on ratification of the financing agreement with the European Investment Bank (EIB) on allocation of 200 million euro loans.

The agreement on the project "Emergency credit program for the restoration of Ukraine" was signed by the Government of Ukraine and the EIB on December 22, 2014 in Kyiv. The document suggests that Ukraine will be provided with tranches of 15-40 million euros, Joinfo.ua reports with reference to the press service of the Head of State.

The first tranche may not exceed 15% of the total loan amount. The interest rate on the loan is "a fixed or variable," maximum grace period is 5 years, and the total period of loan repayment is 20 years (including grace period).

The funds will be spent on rehabilitation of infrastructure and improvement of public service delivery, centralized water supply and drainage, electricity supply, district heating, repair of roads, railways, bridges, damaged office buildings and social infrastructure.

In addition, the project provides for implementation of a number of infrastructure projects in the Zaporizhzhya, Dnipropetrovsk and Kharkiv regions and the creation of conditions for the return of displaced persons to their former places of residence.

It should be recalled that in the interdepartmental coordination staff estimated that the number of internally displaced persons from occupied Crimea and Donbas reached 854,474 people.