Ukraine receives USD 1.5bn from China for grain purchases
2013-02-08 10:59:46
Ukraine has received USD 1.5bn from China under a credit agreement to finance grain purchases, writes Reuters, citing Agriculture Minister Mykola Prysyazhnyuk. According to him, the funds will be used by Ukraine's state-managed Food and Grain Corp. to forward-buy 2mn metric tonnes of barley, wheat and corn from local producers. Another 2mn tonnes of grains will be bought on spot markets, he said. All grain will then be exported to China, the minister said, without giving a timeframe. According to the EconMin, the Export-Import Bank of China is ready to provide credit at rate of 6-month Libor+4.5% for a term of 15 years with 5 years grace period.