KIEV, April 28 (RIA Novosti) – Acting Ukrainian president Oleksandr Turchynov has formed a delegation for negotiations with the International Bank for Reconstruction and Development (IBRD) on providing Kiev with a $350 million loan, a decree on the president’s website published Monday said.
According to the April 26 decree, the Ukrainian government plans to obtain the loan for developing city infrastructure and reducing the country’s carbon footprint.
In his decree, Turchynov ordered the government to approve the directives of the Ukrainian delegations for the talks with the IRBD, including signing an agreement providing for a loan from the Clean Technology Fund.
The funds will be used to “finance and catalyze greater investment in new renewable energy capacity, waste heat generation, transmission grid upgrades, and energy efficiency,” said a statement on the website climateinvestmentfunds.org.
The delegation will be led by First Deputy Minister of Regional Development Grygoriy Semchuk.
Ukraine expects to receive a total of $1.5 billion from the World Bank in three separate tranches of $500 million, with the first due to arrive in May. The next two installments are due in October and January-February 2015.
The World Bank earlier said it could grant a $3 billion loan to Ukraine this year to support the country’s reforms and infrastructure projects.