Law of Ukraine

“On Ratification of the Agreement between the Cabinet of Ministers of Ukraine and the Government of the Federal Republic of Germany on Financial Cooperation (Allocations of 2006 and 2007), the Project to Improve Power Transmission Efficiency (Substation Modernization)”

Date of entry into force:
November 13, 2012

The Agreement between the Cabinet of Ministers of Ukraine and the Government of the Federal Republic of Germany on Financial Cooperation (Allocations of 2006 and 2007), the Project to Improve Power Transmission Efficiency (Substation Modernization) (hereinafter referred to as “Agreement”) was signed on December 30, 2011 in Kyiv.

The Law ratifies the Agreement.

According to Article 1 of the Agreement, the Government of the Federal Republic of Germany provides the Cabinet of Ministers of Ukraine or other borrowers to be selected jointly by the two Governments, the opportunity to receive from the Reconstruction Credit Institute (KfW) a loan of up to EUR 18,000,000 for a mixed financing Project to Improve Power Transmission Efficiency (Substation Modernization) if the inspection held by the Government of the Federal Republic of Germany establishes that this project merits assistance under the development policy and is eligible for banking support. The total amount of financing under the project shall be up to EUR 65,500,000.

The Government of the Federal Republic of Germany provides the Cabinet of Ministers of Ukraine or other borrowers to be selected jointly by the two Governments, the opportunity to receive from the KfW an additional loan of up to EUR 25,000,000 for the Project to Improve Power Transmission Efficiency (Substation Modernization) as part of the mixed financing loan under financial cooperation.

According to Article 3 of the Agreement, the KfW is relieved of all taxes and other state deductions levied in Ukraine in relation to concluding and implementing the respective credit agreement.

Concerning transport of passengers and freights by sea, land and air transport in relation to granting of the loan, the Cabinet of Ministers of Ukraine allows passengers and supplies free choice of transport companies, uses no measures to exclude or hamper equal participation of transport companies that are residents of the Federal Republic of Germany and, if necessary, furnishes permits required for the participation of such companies (Article 4 of the Agreement).
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