Ukrainian Finance Ministry provides Ukrposhta with 30 mln euros mortgage loan to meet its obligations to EIB

MOSCOW. Oct 30 (Interfax) - The Ukrainian Finance Ministry and Ukrposhta JSC have signed a 30 million euros mortgage agreement to ensure the fulfillment of obligations under the development project Logistics Network (Ukrposhta Modernization and Digitalization) between Ukraine and the European Investment Bank (EIB), Ukrainian media reported citing the Ukrainian Finance Ministry.

"The implementation of the joint project with the EIB on transformation of the logistics network of JSC Ukrposhta will contribute to the improvement of the company's capabilities as the main domestic postal operator and will allow for the provision of postal services in line with the best international standards," Deputy Finance Minister Olga Zykova was quoted as saying in the statement.

As reported, this project between the EIB and Ukrposhta was signed in October 2020 under state guarantees. Thanks to the loan, Ukrposhta planned to upgrade its logistics network by building three new sorting centers, 20 postal depots and relevant IT infrastructure.