KyivPost China penetrates deeper into Ukrainian economy

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July 17, 2012, 10:37 a.m. |

China expected to provide technological expertise for the conversion of the plants from gas to coal.

According to EurActiv report, Ukraine has secured two multibillion euro loans for energy and agriculture from China in recent days, a development suggesting that Kyiv is seeking alternatives to the tougher financing conditions set by the International Monetary Fund.

Ukraine's energy and coal industry ministry signed an agreement with the China Development Bank for a $3.656 billion (€3 billion) credit line to help the country switch its power plants to coal from gas, the Platts energy information service reported. The deal was announced on 13 July.

The Ukrainian National Bank, meanwhile, announced a Chinese loan of $3 billion (€2.46 billion) for agriculture.

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