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World Bank issues loan of $ 378 million to Ukraine for power engineering industry

Board of Governors of the International Bank for Reconstruction and Development (World Bank) has issued a loan of $ 378.4 million to Ukraine for development of power engineering in that much-troubled crisis-stricken former Soviet republic.

The press service of the World Bank said on Monday the loan would be used for upgrading the reliability of power grids and improvements on the Ukrainian wholesale market of electricity.

Qimiao Fan, the bank's regional director for Belarus, Moldova and Ukraine said the World Bank was glad to assist the expansive power engineering sector that had critical significance for the country.

The project would help restore the nationwide power transmission system and facilitate the boosting of Ukraine's energy sector security.

This loan is part and parcel of a general package of World Bank's aid to Ukraine totaling $ 3.5 billion that was promised to Kiev in March this year. A total of $ 2.5 billion has been allocated already.

[Source: Itar Tass, Washington, 23Dec14]

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