China will provide Ukraine with $15 billion in loans over 15 years to help support the construction of affordable housing, the Ukraine’s Ministry of Regional Development said on Thursday.
“The Chinese CITIC Construction Co., Ltd is ready to invest $15 billion in Ukraine’s construction market, which will help solve the problem of affordable housing in the country…” the ministry said in a statement.
The project is aimed at meeting the country’s public housing policy, of forming a social housing fund, constructing affordable homes, and improving the infrastructure. Ukraine will implement a pilot $1 billion project to construct affordable housing where CITIC will act as the general contractor.
Earlier in March the head of Ukraine’s Ministry of Regional Development Gennady Zubko said that the nation was in talks with China over attracting investment to implement a program of renting real estate with an option of further acquisition.
Financial arrangements with China generally carry a stipulation which requires a workforce and technology from China.
In February China said that it would amend a $3.6 billion loan agreement with Ukraine that was signed in 2012 to provide the nation with much needed additional funding for various projects in the nation’s energy sector.
In spring 2011 Ukraine and the Export-Import Bank of China had signed an agreement to build a high-speed railway line between Kiev and Borispol International Airport, in addition to a $2 billion of infrastructure projects in the Kiev region.
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Posted by bnnmurali | March 29, 2015, 6:57 pm