Ukraine, World Bank sign big loan deal for power transmission modernization
Ukraine and the World Bank signed a $200 million loan deal on Friday for modernizing its power transmission system.
According to the agreement signed by Ukraineās Fuel and Energy Minister Yuriy Boiko and director of the World Bank in Ukraine, Belarus and Moldova Paul Birmingham, the loan term is set for 17 years with a four-year grace period. In addition, the eastern European country should pay 0.25% of the loan in a one-time commission. The first part of the loan is expected to deliver in 2008. Boo said that the deal is important for Ukraine economically, as well as politically. Birmingham pointed out that Ukraine has become the first country to sign a deal with the World Bank since the latter lowered its loan interest rates. He said the funds would help Ukraine in modernizing its electricity transmission system. As reported, the direct recipient of the loan is the Ukrainian national energy company Ukrenergo. (people.com.cn)
ADVERTISEMENT
AlteoĀ Invests HUF 5.5 bln in Energy Storage
Sport Now 'Strategic Sector' for Hungary - Minister
IWG Expands Footprint in Hungary With 2 New Locations
More Guest Nights y.o.y. for Year-end
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
