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Ukrainian Government seeks further consultation before approval of EBRD loan for K2R4 nuclear plants
The Board of Directors of the European Bank for Reconstruction and Development
held a meeting today which was scheduled to confirm the approval of a loan to
finance construction of the K2R4 nuclear facility in Ukraine.
In the meeting, the Ukrainian authorities asked for further consultation on
some conditions of the loan and indicated that the project was not yet ready
for an immediate decision. The Board took note of the request and therefore
did not proceed with the discussion and no decision was taken.
The management of the Bank will carefully consider the request, which was
first presented on 28 November in a letter from Ukrainian Prime Minister
Anatoly Kinakh to EBRD President Jean Lemierre. The Bank will hold new
discussions with the Ukrainian authorities when appropriate.
On 7 December 2000 the EBRD approved a $215 million loan to finance two
nuclear power plants, known as K2R4, subject to fulfilment of four conditions
within the year. The Board's meeting today was due to confirm approval of the
loan on Mr. Lemierre's recommendation that the conditions had been met and the
loan could be signed by the 6 December 2001 deadline. After that date, any
loan agreement would require full review of all terms and conditions.
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