KYIV, May 27 – The Cabinet of Ministers has agreed to attract a loan from the European Bank for Reconstruction and Development (EBRD) by Naftogaz Ukrainy in the amount of up to EUR 300 million with repayment before March 25, 2024, Prime Minister of Ukraine Denys Shmyhal has said.

A decision to attract a loan from the European Bank for Reconstruction and Development in the amount of up to EUR 300 million by Naftogaz Ukrainy was agreed. The credit line is valid until March 25, 2024," Shmyhal wrote on his Telegram channel on Friday.

According to him, the funds raised will be used to purchase natural gas to fully meet the needs of Ukrainian consumers in energy resources.

In addition, the prime minister said that the government had adopted a decree on the next extension of the interest rate of 12% per annum under a loan agreement dated June 5, 2009, concluded between Naftogaz and JSC Oschadbank.

This will reduce the financial burden on Naftogaz when paying interest under this agreement in the amount of more than UAH 45.4 million," Shmyhal said.

However, he did not say how long the reduced rate (from 16.5% to 12%) will be valid, which was last agreed in December 2021 and expired today. (om/ez)