On April 21, Minister of Finance of Ukraine Oleksandr Danyliuk took part in the signing of the agreement between the AB Ukrgazbank and the International Finance Corporation (IFC) in Washington which stipulates consulting services to the Ukrgazbank to enhance its capacities for servicing small and medium-sized businesses and to make it a leading bank in this sector.
Participants of the signing ceremony agreed that small and medium-sized business is the basis for the economic growth of Ukraine. For instance, in Western Europe small and medium-sized business account for 99% of all registered businesses which created approx. 85% of all new jobs. That is why, proper banking services to small and medium-sized business and affordable funding are crucial for the development of this sector.
“Today, we have made one more step to prepare the Ukrgazbank to privatization and to make it more attractive for investors. The development of small and medium-sized business is crucial for innovations, employment and the economic growth of Ukraine. I am glad to see that the Ukrgazbank, which is now a leading eco-bank in Ukraine, is also focused on projects for small and medium-sized business”, Oleksandr Danyliuk said during the signing ceremony.
The AB Ukrgazbank is a universal and dynamic financial institution providing both traditional and unique innovative banking services. The bank cooperates with the corporate sector, small and medium-sized business and with private customers. The Ukrgazbank belongs to the biggest 5 banks in Ukraine by the volume of assets. 94.94% of the bank’s charter capital belong to the Ukrainian state represented by the Ministry of Finance. In 24 years on the market, the Ukrgazbank has gained the trust of thousands of private and corporate customers. The bank continues to demonstrate a stable dynamics in expanding its customer base which now includes almost 1 million customers. Presently, the Urkgazbank is a leader in funding “green” projects in Ukraine. On November 11, the Ministry of Finance of Ukraine, the International Finance Corporation – a member of the World Bank Group, and the AB Ukrgazbank signed a memorandum of understanding to support the privatization (sale) of the AB Ukrgazbank.
IFC is a member of the World Bank group which is the largest global development institution focused on the private sector in emerging markets. Cooperating with more than 2,000 companies worldwide, the Corporation uses its capital, expertise and influence to develop markets and to create possibilities in various parts of the world. In the financial year of 2017, the long-term investments of the IFC in developing countries reached a record volume of USD 19.3 bn.ф