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EBRD increases its support for Ukraine’s shipping industry
In its ongoing support for private sector development in Ukraine, the European Bank for Reconstruction and Development (EBRD) today agreed to lend US$ 16.8 million (€18 million) to Ukrrichflot, a limited liability company incorporated in Ukraine.
The proceeds will be used in part to finance the acquisition of two 3,800 dwt general cargo vessels from the Navol Shipyard in Romania, with delivery in September 2001 and June 2002. The project aims to increase Ukrrichflot’s efficiency, reduce its fleet’s average age and expand its capabilities in the international shipping market.
Edgar Rosenmayr, the EBRD’s Director of Property, Tourism and Shipping, said at the signing in London: "The operation will extend the Bank’s current support for the financing of five existing general cargo vessels built in Romania." Mr Rosenmayr added: "It will also enable JSSC Ukrrichflot to acquire two further new vessels to be built again in Romania, as part of the company’s fleet renewal programme."
The loan will include a "B Loan" arrangement, under which US$ 5.55 million (€5.95 million) of the financing is provided by Bank of Scotland.
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