Ukrgasbank signs agreements with UAE’s bank for $35M

Ukrgasbank signs agreements with UAE’s bank for $35M

Ukraine’s Ukrgasbank and UAE’s Mashreq Bank have concluded the first agreements on structured trade financing, according to the Ukrgasbank’s press service.

“Ukrgasbank has started cooperation with Mashreq Bank, one of the leaders on the UAE banking market, and has already concluded the first agreements on structured trade financing. The amount of transactions totals about 35 million U.S. dollars, for a term of up to 60 days. This means that Ukraine will import petroleum products for further processing and exports of already finished products,” reads the report.

The International Finance Corporation supported the agreement, Mashreq Bank acted as a confirming bank.

“Mashreq Bank is the largest private bank in the UAE, with branches in London, Hong Kong and New York. The bank sees significant prospects in the Ukrainian market, and we, in turn, hope for fruitful cooperation," Ukrgasbank said.


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