Economy 2021-11-15T07:43:09+02:00
Ukrainian news
Cabinet Provides World Bank Government Guarantee For Naftogaz’s USD 500 Million Loan For Gas Purchases

Cabinet Provides World Bank Government Guarantee For Naftogaz’s USD 500 Million Loan For Gas Purchases

Cabinet of Ministers, World Bank, IBRD, gas, Naftogaz of Ukraine

The Cabinet of Ministers has provided the World Bank government guarantee for the obligations arising from the USD 500 million credit guarantees the International Bank for Reconstruction and Development (IBRD, the World Bank group) granted Naftogaz of Ukraine national joint-stock company for natural gas purchases.

The Government produced this decision at the session on Wednesday, Ukrainian News Agency reports.

“The project of providing government guarantees to the IBRD for up to USD 500 million. Its adoption will let further creating the stabilisation energy fund and secure financial resources for it for the cold period of 2016/17,” First Vice Prime Minister / Minister of Economic Development and Trade Stepan Kubiv said.

October 18, the World Bank approved USD 500 million credit guarantees to finance natural gas import by Naftogaz of Ukraine national joint-stock company.

«This guarantee allows us to get loans from Citibank and Deutsche Bank which won the World Bank tender. The funds are provided for one year in fact, this is a revolving line, it can be re-launched when we have discharged and the cost of the credit resources is under 3 per cent,» Naftogaz Chief Executive Officer Andrii Kobolev commented on October 20.

The World Bank guarantees were provided against the sovereign guarantee of Ukraine.

As Ukrainian News Agency earlier reported, Naftogaz reckoned to gain access to USD 500 million loan funds guaranteed by the World Bank before the end of November.

Больше новостей о: Cabinet of Ministers World Bank IBRD gas Naftogaz of Ukraine

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