Ukrainian Minister of Agricultural Policy and Food Oleksiy Pavlenko expects Ukraine to attract EUR400 million from the European Investment Bank (EIB) in the beginning of 2016.

"Today we've submitted the decision on the agreement with the EIB to the Ministry of Finance, but we must pass a formal procedure. The Cabinet will make the decision, then approve the order. Then the president will sign it. Then the Verkhovna Rada will initial the document," he said at a briefing in Kyiv.

The EIB loan will help the country get access to cheap European funds and use them to support agricultural producers. However, the minister did not specify the targets the funds will be used for.

As reported, earlier the ministry said about the possibility of raising a loan from the EIB this year.