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Ukraine housing to receive $15bn loan from China

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LONDON (ShareCast) - China is to loan Ukraine $15bn over the next 15 years, to aid in the development and construction of affordable housing, according to Ukraine's Ministry of Regional Development (UMRD). The loan will feature a minimal interest rate with a possible extension, as part of Ukraine's $1bn pilot project to form a social housing fund dedicated to building affordable housing and improving infrastructure.

The Chinese CITIC Construction Co. will act as the general contractor, following talks with UMRD head Gennady Sybko in March.

The investment follows agreements made in 2011, in which Ukraine and the Export-Import Bank of China would collaborate on a high-speed railway line between Kiev and Borispol International Airport, as well as $2bn worth of of infrastructure projects in the Kiev region.