Ukraine's Cabinet endorses bills on development of Ukraine-Hungary border infrastructure

Ukraine's Cabinet endorses bills on development of Ukraine-Hungary border infrastructureUkraine's Cabinet of Ministers on Wednesday approved bills drawn up by the Finance Ministry required for the implementation of the intergovernmental agreement with Hungary on financial cooperation, development of border checkpoints, infrastructure and maintenance of bridges on the joint state border.

According to a posting on the website of the Finance Ministry, the government approved the bill on ratification of the framework agreement between the Ukrainian and Hungarian governments on the provision of a loan as tied aid and the bill amending the bill on Ukraine's national budget for 2017.

The documents allow receiving the soft-term financing of EUR 50 million to implement investment projects linked to the improvement of roads going to the Ukrainian-Hungarian border.

According to the proposed amendments to the national budget, Ukravtodor would prepare and implement of the relevant agreements, while the loan will be serviced using funds from the Ukrainian budget.

The funds are provided for 18 years and a half. The credit rate is 0%. A grace period of one year and a half is foreseen.
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