The Ukrainian government has increased by UAH 740 million the state guarantees on the obligations of business entities, whose properties are subject to the management of the National Agency for Preparation and Hosting the Euro 2012 European Football Championship and Implementation of Infrastructure Projects (Ukrevroinfraproekt), for 2011, raising the total guarantee sum to UAH 6.24 billion.
Cabinet resolution No. 934 dated August 31, 2011 published on Monday amends the procedure and terms of state guarantees for Euro 2012 in 2011.
An informed source in financial circles told Interfax-Ukraine that the state enterprise for financing infrastructure projects (Fininpro) would raise additional funding under state guarantees as it did previously. According to the source, Fininpro is likely to place more seven-year bonds like those it originally issued in April 2011 at 7.4% per annum, raising $690 million.
Fininpro was created under an order of the National Agency for Preparation and Hosting the Euro 2012 European Football Championship to raise funds under state guarantees.
