Ukraine to get $1.2 bn in loans from Poland

Kiev will get a total of 1.1 billion euros (about $1.2 billion) in loans from Poland for infrastructure and trade development projects, Ukrainian President Petro Poroshenko announced here on Tuesday.

Speaking at a joint briefing with visiting Polish President Andrzej Duda, Poroshenko said that of the total funding, Warsaw pledged about $110 million for Ukraine's border infrastructure improvement and agreed to open a $1.09 billion currency swap line to promote bilateral trade, Xinhua reported.

"The credit line will certainly contribute to the development of trade turnover between Ukraine and Poland," Poroshenko said, without giving the timeline and interest rate of the loan.

For his part, Duda said that Poland will continue to provide support for Ukraine in its efforts to forge ties with the European Union (EU) not only by providing financial assistance, but also by sharing reform experience in judicial and administrative sectors, as well as in the fight against corruption.

"It is crucial for Ukraine's advancement towards the EU and Poland is ready to support Ukraine, in particular in sharing its experience in decentralisation," Duda said.

The Polish leader arrived in Kiev on Monday for a two-day official visit, his first to Ukraine since assuming office in early August.

Last year, the overall trade turnover between Ukraine and Poland fell 18 percent to $6.5 billion.