Coal of Ukraine to attract UAH 500mn credit.

By bne IntelliNews September 15, 2010
State enterprise Vuhillia Ukrayiny (Coal of Ukraine) plans to attract UAH 500mn credit, the company has reported. The loan is planned to be attracted for 1 year from Nov 2010 to Oct 2011. Bids from potential creditors are accepted till October 6. Vuhillia Ukrayiny is an operator of the wholesale market of coal products.The State Development Bank of China is ready to grant Ukraine a loan amounting to USD 100mn in 2010 under the state guarantees for financing investment projects of reconstruction and refurbishment of a number of mines. According to its statement, State Development Bank of China is prepared to grant the funds under 3.5% of annual interest plus LIBOR for 15-20 years with possible postponement of payments of two or three years. The Ministry of Coal Industry notes that the coal industry plans to raise UAH 6.4bn in investment, including UAH 2.3bn from the national budget, UAH 1.2bn as private investment, UAH 1.9bn in leasing operations, UAH 0.5bn from issue of bonds, and UAH 0.5bn as credit under state guarantees.

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