The Netherlands is investing 100 million euros through the World Bank in guarantees to finance agricultural companies in Ukraine and, for example, in generators to help the country through the coming winter.
Minister of Foreign Trade and Development Cooperation Lesge Schrenmacher made the commitment at the World Bank’s spring meeting in Washington.
According to the Schrenemacher This is the first concrete implementation of the €2.5 billion recovery support that the Netherlands promised Ukraine earlier this year. The focus of this sum was on military support, but Schrenemacher stresses that other support options are being carefully considered as well.
“40 million euros is used specifically for agricultural companies so that they can buy grain this season or replace agricultural equipment that has broken down,” she explains. These companies simply get a loan from a local bank, but since banks there are naturally reluctant about loans, there will be a guarantee that the bank will get their money back at all times. Then the bank is also inclined to grant a loan more quickly.
According to Schreinemacher, this has not only helped the Ukrainian agricultural sector. The support would also be good for global food security, as Ukraine exports a lot of grain.
The remaining 100 million euros is intended not only for the purchase of generators, but also for the repair of roads, for example. The generators are not expected to be needed until next winter and will therefore be delivered in the fall. (AP)
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