While Beijing officially supports Russia’s position on its annexation of Crimea, behind the scenes China is helping keep the battered Ukrainian economy afloat. On March 26, the Ukrainian government and China’s CITIC Construction (a subsidiary of CITIC Ltd.) signed a memorandum of understanding stipulating that Ukraine will receive $15 billion from China at a minimal interest rate for 15 years to build housing and attendant infrastructure (Gazeta.ru, March 26). In comparison, on March 11, the International Monetary Fund (IMF) approved a $17.5 billion four-year loan program for Ukraine. The IMF said it expects Ukraine’s gross domestic product to shrink about …read more
Source: The Jamestown Foundation