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European Investment Bank to Lend Additional $1Bln to Ukraine

© AP Photo / Yves LoggheEuropean Investment Bank President Werner Hoyer addresses the media during the European Investment Bank annual press conference at the European Council building in Brussels
European Investment Bank President Werner Hoyer addresses the media during the European Investment Bank annual press conference at the European Council building in Brussels - Sputnik International
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European Investment Bank (EIB) President Werner Hoyer said that EIB is ready to allocate $1.1 billion in additional funding to Ukraine in 2015.

European Investment Bank - Sputnik International
Crisis-Hit Ukraine to Receive $735Mln From European Investment Bank
BRUSSELS (Sputnik) The European Investment Bank (EIB) is ready to allocate $1.1 billion in additional funding to Ukraine in 2015, the bank's President Werner Hoyer said Monday.

"The bank is ready to sign more than 1 billion euros [$1.1 billion] in additional loans to Ukraine for this year as part of the 3-billion package," Hoyner said.

He added that the European Council agreed to double the EIB's planned investment in Ukraine from 1.5 billion to 3 billion euros over the next three years.

In 2014, the EIB already allocated $1.1 billion to Ukraine.

Ukraine's economy suffered a dramatic downturn amid a military confrontation between Kiev forces and eastern Ukrainian militias.

In spring 2014, the International Monetary Fund (IMF) promised Kiev $17 billion in bailout loans, to be paid over the course of two years. In addition, several individuals Western countries allocated funds to Ukraine to help the country rebuild its economy and enact necessary structural reforms.

Last week, Ukrainian President Petro Poroshenko's press service said that Brussels is currently considering allocating an additional $2.3 billion in financial assistance to Kiev.

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