OREANDA-NEWS. July 22, 2014. In the framework of deepening cooperation between Ukraine and Japan it was signed an Agreement between the Government of Ukraine and Government of Japan, and the Credit agreement on the development policy loan to implement economic reforms between the Cabinet of Ministers of Ukraine and the Japanese international cooperation Agency.

On behalf of the Cabinet of Ministers of Ukraine as a Borrower, pursuant to the authority granted by the Cabinet of Ministers of Ukraine dated on July 2, 2014 № 648-p, Agreements were signed by the Minister of Economic Development and Trade of Ukraine Pavlo Sheremeta. The representative of the Borrower is the Ministry of Finance of Ukraine.

When the Agreements will entry into force the General Fund of the State Budget receives 10.0 billion yen (approximately USD 100.0 million) as co-financing in the framework of the joint with the World Bank’s Loan for development policy project.

The loan is attracted for 20 years, grace period - 6 years, interest rate - 0.95 % per annum, one time fee of 0.1%.

The funds will be used to support policy and institutional reforms in Ukraine through the promotion of good governance, transparency and accountability in the state sector, simplifying and reducing the cost of doing business, reforming the inefficient and inequitable energy subsidies and protection for the poor.