OREANDA-NEWS. October 06, 2011. Verkhovna Rada of Ukraine passed the Law "On Ratification of the Guarantee Agreement (Energy efficiency Project) between Ukraine and the International Bank for Reconstruction and Development (IBRD)".

The purpose of the law is to finance activities that promote the competitiveness of Ukrainian enterprises, including suppliers of utility services, through increased access to sources of long-term financing. Also provides financial support to implement energy efficient technologies, enhancement of environmental protection and enhancement of the capabilities of commercial banks to give medium and long-term loans, developing the banking sector. IBRD borrower is JSC Ukreximbank. Loan is USD 200 million under state guarantee to 30 years with six-year grace period.

The law will facilitate the completion of internal procedures concerning the entry into force of the Guarantee Agreement (Energy efficiency Project) between Ukraine and International Bank for Reconstruction and Development; will provide an opportunity to launch a joint project with the IBRD.