You're reading: Ukraine parliament approves $3 billion in Chinese loans for agriculture

The Ukrainian parliament has granted the government the right to raise up to $3 billion in Chinese loans to develop agriculture.

The loans will be repayable in 15 years at six-month LIBOR plus 4.5%,
First Deputy Finance Minister Anatoly Miarkovsky said, presenting the
bill.

The Ukrainian Agricultural Policy and Food Ministry and the
Export-Import Bank of China on June 28, 2012 signed a memorandum of
cooperation, which allows Ukraine to raise $3 billion for the
development of its agriculture.