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16:04
UKRAGROLEASING TO RAISE TWO CREDITS WORTH $300 M EACH FROM CANADA'S EDC AS PART OF STATE PROGRAMS ON FARM PRODUCTS AND MILK PRODUCTION

Kyiv, July 30 (Interfax-Ukraine) – The Ukrainian cabinet has agreed to a proposal of the Agriculture Ministry and permitted National JSC Ukragroleasing to raise two credits worth $300 million each from Export Development Canada (EDC), secured by the state, to realize investment projects in the farming sector.

This is stipulated in cabinet resolutions Nos. 772 and 773 of July 17, which have been posted on the cabinet's Web site.

In particular, one of the credits, worth UAH 2.292 billion according to the NBU's exchange rate as of July 17, 2009, is to be raised to realize an investment project on the introduction of energy and material saving technologies to buy technical devices and infrastructure objects along with equipment for milk buying, storage and processing, while the second credit would be used for the acquisition of technologies and infrastructure to buy, process and store farming products.

The documents say that Ukragroleasing was selected the chief executor of the investment projects with the participation of Canada's SNC-Lavalin International Inc. and West International Ltd.

State Export-Import Bank (Ukreximbank) was chosen as the financial agent for the monitoring of the credits.

The Finance Ministry and Ukragroleasing are to sign an agreement on the reimbursement of any budget expenses that might appear if the state fulfills guarantee commitments.

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