Ukraine Secures $1.6 Bln from UK to Build Military Ships

Ukraine will sign a memorandum with the United Kingdom, securing 1.25 billion pounds ($1.61 billion) to build new military vessels for the Ukrainian Navy, President Volodymyr Zelenskiy said on Wednesday.

The memorandum would be signed during Zelenskiy’s state visit to the U.K. on October 7-8.

“This is an important strategic document ... we will sign this memorandum for the amount of 1.25 billion pounds,” Zelenskiy told local television, without giving further details.

Specialized military news agencies have said the funds would be in the form of a 10-year loan and allow the U.K. to provide eight Barzan-class fast attack crafts to Ukraine.

They said the first two ships would be constructed in the U.K. with the remaining six vessels to be completed in Ukraine.

($1 = 0.7770 pounds)

(Reporting by Pavel Polityuk and Natalia Zinets, Editing by Kirsten Donovan)