IFC's entry into Ukrgasbank's authorized capital an important indicator for investors - PM

IFC's entry into Ukrgasbank's authorized capital an important indicator for investors - PM

The entry of the International Finance Corporation (IFC) into the authorized capital of Ukraine's state-owned bank Ukrgasbank is a big step to reduce the role of the state in the economy and will be an important indicator for investors, according to Prime Minister Denys Shmyhal.

He said this during the signing of a loan agreement between the Ukrainian Finance Ministry, IFC and Ukrgasbank with the possibility of converting credit funds into the bank's authorized capital, according to an Ukrinform correspondent.

"This is one of the important and big steps in reforming our state - reducing the role of the state in the economy. It is part of the program of the President of Ukraine. It is one of the points of the program of the Government of Ukraine ... Today it is a signal to investors, to Ukraine's future partners that it is necessary and possible to invest here," Shmyhal said.

He thanked partners from the International Finance Corporation for the help and support they provided during the implementation of a number of projects in Ukraine.

"Actually, the International Finance Corporation will become an important indicator for someone, an important sign that Ukraine's banking system is a stable and reliable partner for future investments," he added.

In June 2020, the Cabinet of Ministers authorized Finance Minister Serhiy Marchenko to sign agreements on the provision of a loan to the state-owned Ukreximbank by the International Finance Corporation (IFC). IFC can provide the state-owned Ukrgasbank with a five-year loan of 30 million euros with the possibility of converting it into a share in the bank's share capital of up to 20%.

Photo: angolaforex.com

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