The State Food and Grain Corporation of Ukraine (DPZKU) has paid $8.8 mln, or 9% of the next installment of the loan to the Export-Import Bank of China.
The remaining amount will be paid by the Ministry of Finance, ProAgro Group reports, citing the Ministry’s response to an inquiry by Ukrainian News.
“According to the information provided by DPZKU, in execution of the credit agreement dated December 26, 2012, signed between DPZKU and Export-Import Bank of China, the company has paid part of the regular payment in the amount of $ 8.8 million, which is about 9% of the payment”, – states the reply.
According to the report, at the conclusion of the credit agreement with the Export-Import Bank of China, the Cabinet of Ministers of Ukraine, represented by the Ministry of Finance of Ukraine, provides state guarantee for borrower’s timely performance of all payment obligations under the credit agreement and undertook a commitment to the lender that in case the borrower fails to pay the amount due under the terms of the credit agreement, the Ministry of Finance as a guarantor shall pay this amount within 20 working days after receiving a written request for payment.
