Ukraine is set to sign an unusual loan-for-crops contract with China that will see Kiev receive $3bn in credit lines in exchange for supplies of corn, or maize, a commodity that Beijing has started to import in large quantities.
The deal expands into food the scheme that Beijing has used to secure energy supplies through so-called oil-for-loans deals with countries such as Venezuela. It has been reached at a time of concern about global food security.
Mykola Prysyazhnyuk, Ukraine agriculture minister, said the deal with the Export-Import Bank of China would be signed in mid-October.
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