OREANDA-NEWS. September 06, 2011. The European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC) have arranged a financing package worth USD 190 million to support their long-standing client and major Ukrainian petrol station operator Galnaftogaz (GNG). The facility will finance GNG’s expansion in central and northern Ukraine and help restructure its balance sheet, reported the press-centre of EBRD.

The IFC and the EBRD, which already holds a stake in GNG, will provide two USD 65 million corporate loans each, with sub-participations by ING Bank and the Dutch development bank Financierings-Maatschappij voor Ontwikkelingslanden (FMO) of USD 30 million each. The Black Sea Trade and Development Bank will provide a parallel corporate loan of USD 30 million. In addition, the EBRD will invest USD 30 million of equity in GNG equity. The financing package will help acquire or construct up to 75 filling stations, thus bringing GNG’s network of filling stations to over 380 across the country.

The EBRD and IFC plan to continue supporting the expansion strategy of this private market player that is setting higher environmental, corporate governance and energy efficiency benchmarks in the sector.

The EBRD is the largest financial investor in Ukraine. As of 30 June 2011, the Bank had committed over EUR6.5 billion (USD 9.3 billion) through 276 projects.

IFC has invested over USD 1.7 billion in various projects in such sectors as agribusiness, financial markets, construction materials, retail trade and services, energy, and infrastructure, helping Ukrainian companies become market leaders and global players.