Ukraine's Cabinet of Ministers is to borrow $150 million from the World Bank to fund a project for export development.
A respective government order (No. 390-r) has been posted on the cabinet’s official Web site.
"Raising a loan of $150 million from the International Bank for Reconstruction and Development (IBRD, part of the World Bank) for implementing an investment project entitled ‘Additional Financing for the Second Export Development Project’ should be considered expedient," reads the document.
The World Bank Board of Directors planned to review the project in March 2011.
According to the project, the IBRD was expected to lend $150 million to state-run Ukreximbank, which, in turn, was to funnel $45 million into issuing loans to its exporter clients, and transfer another $105 million to other banks for extending loans to exporters.
