Germany to additionally finance 400 low-cost housing loans for Ukrainian IDPs

MOSCOW. Dec 8 (Interfax) - Germany's state-owned KfW Development Bank will provide an additional 17 million euros to Ukraine's State Fund for Youth Housing Construction to finance low-cost housing loans for internally displaced persons (IDPs) in Ukraine.

The parties signed this addendum to the grant agreement on December 7, Ukrainian media said, citing the Youth Housing Construction Fund's press service.

"The additional grant funds will enable continuing access to low-cost housing loans for internally displaced persons in Ukraine. In particular, the grant is expected to help issue around 400 new low-interest mortgage loans throughout 2024," the report said.

The Housing for IDPs project is financed using a 25.5-million-euro grant provided by the German government through KfW under an intergovernmental agreement.

More than 650 IDPs have received loans at 3% per annum for a total of 692,6 million hryvni since the end of 2021.

Such loans can be used to pay for an apartment in a residential building or a single-family home put into operation no more than 50 years ago or reconstructed no later than 25 years ago.