National joint stock company Naftogaz of Ukraine and the European Bank for Reconstruction and Development signed a Memorandum of Intent to finance reconstruction of the Ukrainian gas transportation system. The document was signed on Tuesday by deputy board chair of Naftogaz, Vadym Chuprun and EBRD Director in Ukraine Andre Kuusvek, UKRINFORM reported.

Kuusvek told reporters that the memorandum provides for government guarantees of Ukraine and the loan repayment period of 15 years. In September, the consulting company Mott MacDonald was to provide a report on the project for modernization of the Ukrainian GTS, following which a meeting of the EBRD headquarters in London will decide on signing the contract.

The EBRD director for Ukraine voiced hope for signing it this year.

He also did not rule out the possibility of further funding subsequent phases of reconstruction of the Ukrainian GTS.

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