Business, Finance & Technology
Business Technology, Finance Technology & Information Technology
In the midst of the battle with Russia, Japan lends Ukraine $100 million
Despite the ongoing conflict with Russia, Ukraine has signed a 13 billion yen (USD100 million) financing agreement with Japan.
Sergii Marchenko, Ukraine’s finance minister, and Akihiko Tanaka, president of the Japan International Cooperation Agency, inked the agreement (JICA).
After Russia launched a war on its neighbor on February 24, Ukraine and Japan agreed to provide about $300 million in financial support.
Marchenko said in a statement on Monday that the money “would be channeled to the state budget to cover priority needs.”
The statement reads, “The signed agreement pertains to fiscal help for the stability of the situation in Ukraine, in particular, the supply of priority social and humanitarian expenditures, health care, support for internally displaced individuals, and other priority expenditures.”
With an annual interest rate of 1%, the loan will be repaid in 30 years, including a 10-year grace period.
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