Ukraine will receive 150 million EUR soft credit from Germany says PM

Ukraine’s Cabinet of Ministers authorized a resolution on May 17 to seek a soft loan from the Credit Institute for Reconstruction (KfW), a German state-owned investment and development bank, for up to EUR 150 million.

According to the source, Ukrainian Prime Minister Denys Shmyhal stated this on the Ukrainian government’s website.

“Germany will provide an extra EUR 150 million in financial aid to Ukraine, bringing the total sum of such assistance to EUR 300 million. This money will be used to help our folks and reconstruct key infrastructure as soon as possible “Shmyhal explained.

The loan is for 15 years, according to the statement, with a five-year grace period for the first payment from the date of the agreement’s conclusion.

Shmyhal claims that financial assistance from Ukraine’s international partners has already surpassed $5 billion since February 24. He also mentioned that the Cabinet of Ministers had secured an agreement on a $100 million loan from the Japanese government and $1.5 billion in World Bank financial assistance.

Russia launched a full-scale invasion of Ukraine on February 24. Russian troops are bombarding and destroying essential infrastructure in Ukraine, as well as shelling civilian areas in cities, towns, and villages, with artillery, multiple rocket launchers, and other weapons.

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