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European Bank appointed financial advisor in Ukraine
The European Bank for Reconstruction and Development has been appointed by the Ukraine Ministry of Transportation and the management of Ukrrechflot, the state-owned river transportation company, to act as their exclusive financial advisor in the enterprise's privatisation.
In his letter of appointment to the Bank the Minister of Transportation, Mr. Orest Klimpush, said "Ukrrechflot offers great potential to become an outstanding model for privatisation and your proposed assistance will provide much-needed guidance in virtually every respect of the process."
Ron Freeman, Vice President for Merchant Banking, said "This is an important development for the Bank and a natural expansion of our advisory role in privatisation. The transport sector is a high priority for the Ukraine government and Ukrrechflot is a highly visible company with great national importance. It will be crucial to the success of Ukraine's privatisation programme."
Ukrrechflot is one of the largest Ukrainian companies, employing 25,600 people in 1991. The Ukrrechflot corporation is comprised of some 53 organisations which are involved in all aspects of the river transportation system in Ukraine with the main focus on domestic and international transport of freight and people. In 1991, the company transported over 60 million tonnes of freight and 20 million passengers.
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