Chinese bank opens credit line for Ukraine

The Export-Import Bank of China (China Exim Bank) has opened a credit line of 372 million U.S. dollars for Ukraine to fund the "Air Express" project, Ukraine's State Agency for Investment and National Projects said on Wednesday. The "Air Express" project is Ukraine's biggest infrastructure project with private investments since 1991, said Vladyslav Kaskiv, the head of the State Agency for Investment and National Projects. The "Air Express" project includes construction of a railway between Kiev and country's largest airport Boryspil and modernization of infrastructure in the airport. The loan from the Exim Bank will be allocated in two tranches and has a repayment period of 15 years. The interest rate on the loan is 3.5 percent. The first tranche of 52 million dollars will be used to carry out the site preparation work and the second tranche of 320 million dollars will be used for the construction of infrastructure facilities. The railway between Kiev and Boryspil is expected to be operational in 2015.