Ukraine and the EU signed a memorandum on allocation of 1 bln EUR of financial aid
On May 13, 2014, in Brussels (Belgium) the European Union and Ukraine signed a Memorandum of Understanding and the bilateral loan agreement for provision of macro-financial assistance to Ukraine by the EU at the sum of 1 bln EUR. The event took place within joint press-conference of Arseny Yatsenyuk, Prime Minister of Ukraine, and Jose Manuel Barroso, President of the European Commission.
The document was signed by Oleksandr Shlapak, Minister of Economy of Ukraine, on behalf of Ukraine, and Siim Kallas, Vice-President of the European Commission, on behalf of the European Union.
The money is intended to support economic stabilization and structural reforms in Ukraine. The bailout is provided to Ukraine's National Bank in the form of credits for a period of 15 years.
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