KIEV, May 30. /ITAR-TASS/. Ukraine has received $750 million for 16 years with a 7-year grace period from the $1.48 billion financial aid of the World Bank to finance development programs, the country’s Finance Ministry said in a statement late Thursday.

The money will be used to conduct strategic and institutional reforms, which are aimed at overcoming crisis developments and stabilizing the financial and economic situation in the country, as well as to lay the basis for stable and balanced growth of Ukraine, the ministry said.

On Monday, Kiev concluded loan agreements totaling $1.48 billion with the World Bank to finance three programs. Of the total, $382 million will be given to municipal heat companies in 10 cities to increase energy efficiency; and $350 million will be provided to 10 water supply companies and one solid rubbish recycler to develop municipal infrastructure, the country’s government said then.