Launch of strategic partnership of PJSC ENERGOBANK and the International Finance Corporation on agro sector development

PJSC ENERGOBANK announces the launch of strategic partnership with the International Finance Corporation (IFC, World Bank Group) within the framework of advisory project "Development of agrofinancing in Ukraine." Implementing the strategy of the key business areas development, including lending to agricultural sector, PJSC ENERGOBANK has concluded an agreement with IFC on cooperation within the confines of the advisory program "Development of agrofinancing in Ukraine." The terms of cooperation envisage providing advisory and information services to ENERGOBANK in order to expand the Bank's expertise in evaluation and funding of projects in agricultural sector. IFC project “Development of agrofinancing in Ukraine" runs since 2010, its purpose is to contribute to the development of agricultural sector in Ukraine by enhancing access to financial resources for farmers, and the improvement of bank lending and risk management in agriculture. Taking into account the strategic importance and significant potential of agricultural business in Ukraine, ENERGOBANK considers this sector as one of the top priorities. In the course of the partnership program with IFC, having deep expertise and successful experience in the development of agricultural sector in many countries, ENERGOBANK has an opportunity to adopt the advanced knowledge and skills necessary for optimizing practice in agro sector. While implementing the program, an interaction of ENERGOBANK and IFC implies the adaptation of standard tools and reporting forms of the Bank for effective application to servicing agricultural enterprises, the introduction of advanced techniques and instruments for assessing the financial conditions of customers in agricultural sector, trainings for loan officers, customer service managers, as well as risk management specialists, including both employees of the head office, and representatives of ENERGOBANK’s regional branches. "Cooperation with IFC within the advisory program, will enable the Bank to gain advanced knowledge and adopt experience from leading experts in the field of agricultural financing. Completion of IFC consulting will help the Bank to improve current proposals for agricultural sector and to expand lending to agricultural sector"- noted PJSC ENERGOBANK Chair of the Board Olena Malynska. Commenting on the agreement, head of the program "Development of agro insurance and agro financing in Ukraine", Ph.D. Garry Roche stressed: "Assisting the Bank to embed modern tools of agro lending and training staff with the specifics of the agricultural industry, we deliver the best practice of financial mediation. Thus, IFC carries out its tasks to expand access to funding for small and medium businesses, particularly for agricultural enterprises of Ukraine, contributing thereby an increase food production in the world." For reference: The International Finance Corporation (IFC), a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. It helps developing countries to achieve sustainable growth by financing investment, mobilizing capital in the international financial markets, and providing advisory services to businesses and governments. In FY 2012 IFC’s investments reached an all-time high of more than USD 20 billion, tapped the potential of the private sector to create jobs, stimulate innovation and address the most pressing development issues. For additional information please visit www.ifc.org The project "Development of agrofinancing in Ukraine" is implemented by the International Finance Corporation (IFC, World Bank Group) in partnership with the Ministry of Finance of Austria (MOF), Foreign Economic Program and the Agency for International Business and Cooperation of the Ministry of Economic Development of the Netherlands (EVD). PUBLIC JOINT STOCK COMPANY ENERGOBANK was established in 1991. The main shareholder of the Bank is ROYLANCE SERVICES LIMITED (Cyprus) which owns 99.6% of the share capital. As of May 1, 2013 ENERGOBANK’s share capital is UAH 359.04 million, total assets – UAH 2 231.64, loan portfolio – UAH 1 339.30 million.