16:32 25.01.2021

IFC to issue five-year EUR30 mln loan to Ukrgasbank with possible conversion into bank's capital

2 min read
IFC to issue five-year EUR30 mln loan to Ukrgasbank with possible conversion into bank's capital

The International Finance Corporation (IFC) and the state-owned Ukrgasbank (Kyiv) on January 25 signed an agreement to provide Ukrgasbank with a five-year loan for EUR 30 million with the possibility of converting it into a 20% stake in the bank's capital, the press service of the National Bank of Ukraine (NBU) has told Interfax-Ukraine.

The signing ceremony was attended by President of Ukraine Volodymyr Zelensky, Minister of Finance Serhiy Marchenko, NBU Governor Kyrylo Shevchenko, Chairman of the Board of Ukrgasbank Andriy Kravets, and IFC Regional Manager for Ukraine, Belarus and Moldova Jason Pellmar.

As reported, on June 3, 2020, the Cabinet of Ministers, having authorized Minister of Finance Serhiy Marchenko to sign a deal related to the provision of EUR 30 million by the IFC to Ukrgasbank with the possibility of subsequent conversion into capital, announced its main terms.

According to them, the Ministry of Finance must conclude an agreement with the IFC on the option to sell shares on the date of conversion, according to which the IFC can at any time sell to the state all or part of its shares in Ukrgasbank. The conditions also note that the option to sell Ukrgasbank shares is unlimited, and its price has yet to be determined.

According to the report, the execution of the agreement will become one of the important steps for the international financial organization to become a shareholder of the state bank in Ukraine, which, in turn, is the fulfillment of one of the state's obligations within the framework of the Stand-By Arrangement with the IMF.

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