On the 217th day of the war, on 28 September 2022, Ambassador of Ukraine to Denmark Mykhailo Vydoinyk attended the signing ceremony of the Guarantee Agreement between the World Bank and Denmark on the allocation of a loan in the amount of DKK 310 million ($40 million) to support the Ukrainian economy under the Public Expenditures for Administrative Capacity Endurance in Ukraine Project (PEACE).
The Danish side acts as one of the guarantors of a $530 additional funding to Ukraine, which will be used to pay for the work of public sector employees, provide pension payments and certain state social assistance programs, such as payment for housing and communal services, support for low-income families, disabled children, IDPs, as well as to pay for medical services under the program of medical guarantees, etc.
The loan will be granted on preferential terms, its repayment term is 19 years with a five-year grace period. Interest rate – 0.25% per annum (charged on the unused portion of the loan).
The signatories of the Guarantee Agreement were Minister for Development Cooperation and Minister for Nordic Cooperation Flemming Møller Mortensen and World Bank Regional Country Director for Eastern Europe Arup Banerji.