Ukraine not using $6.8 billion of foreign financing
Three of Ukraine’s biggest partners from among the international financial organizations have around $6.8 billion that is available for Ukraine, but is not being used, reports Dzerkalo Tyzhnia.
For projects through the International Bank for Reconstruction and Development (IBRD), $1.5 billion is not being used (the bank’s credit portfolio currently amounts to $2.3 billion).
For projects through the European Bank for Reconstruction and Development (EBRD), €1.8 billion is not being used (credit portfolio: €3.9 billion), and for the projects through the European Investment Bank (EIB), €3 billion remains (credit portfolio: €3.6 billion). The EIB is currently “winning”.
Over the years of cooperation, the EIB has invested €5.8 billion in Ukraine’s economy, and is continuing to prepare new projects. The bank’s current credit portfolio includes 19 active projects.
In 2020, half of the projects will be concluded. For 10 projects, no drawdowns have been made at all.
Some of the projects will be closed, and the unused loan funds will be canceled by the bank.
For several projects which are being implemented rapidly, but will not be completed by the dates stipulated in the international agreements, the Ukrainian government is preparing to ask the EIB’s management for an extension.