OREANDA-NEWS. October 11, 2012. PJSC "MEGABANK" and "Green for Growth Fund" (GGF) signed a credit agreement for 5 years as for providing the bank with USD 10 mln. to finance energy efficiency projects of small, medium and big businesses and public business companies, reported the press-centre of MEGABANK.

According to Elena Zhukova the Head of the Management Board of "MEGABANK" GGF loan for energy efficiency projects is needed by Ukrainian business nowadays; the bank has been working at this issue. "MEGABANK" has already been provided with credits for similar projects from the European Bank for Reconstruction and Development. According to agreement with EBRD "MEGABANK" is implementing energy efficiency project under UKEEP program within which 14 agreements for total amount of USD 12 mln. are signed. "Money to be provided by GGF will not only enhance the competitiveness of the bank, but help Ukrainian business realize energy efficiency projects", – E. Zhukova emphasized.

According to Christopher Knowles the Chairman of the Board of Directors "GGF is pleased to start its activity in Ukraine with cooperation with "MEGABANK" – considerable financial institution with well-diversified profit base and branches throughout Ukraine. Cooperating with such financial institution as "MEGABANK" the Fund is going to develop significantly making substantial contribution to reduction of energy consumption in Ukraine".

Reference. The mission of the Green for Growth Fund is to provide loans to be invested to energy efficiency and renewable energy in Southeast Europe, including Turkey, to develop reliable energy efficiency and renewable energy market. The aim is to reduce energy consumption and CO2 emissions by not less than 20%.

GGF loan is aimed at business sector and heavy industry where obsolete and energy-intensive equipment should be replaced on large scales. The forecast shows that the loan given to "MEGABANK" will save 26,000 MW and will lead to reduction of CO2 emissions by more than 6,100 tones a year.

PJSC "MEGABANK" has been operating at the banking market since 1990. The shareholders of "MEGABANK" are European Bank for Reconstruction and Development (EBRD), German State Bank (KfW) and the International Finance Corporation (IFC).

The regional network of "MEGABANK" has 189 offices in 24 regions of Ukraine. As at the 1st September 2012 the bank's assets are UAH 4, 402 mln. Loan and investment portfolio is UAH 3, 610 mln. The bank's capital is UAH 722 mln. Current year profit is UAH 6,170 thous.

"MEGABANK" offers a full range of classical banking services used by 475,000 customers, including 128,000 recipients of pensions and other social benefits.

The peculiarity of "MEGABANK" is the Integral Clearing Center, which was established to pay utility bills and introduced in 9 regions of Ukraine. More than 2 mln. Ukrainian families (12% of all payers of Ukraine) pay their utility bills through the ICC system. Utility bills may be paid with the help of a single receipt at cash desks of the bank, through e-terminals called m-boxes and the ICC web-page services.