REUTERS
For the first time in the history of Ukraine, Raiffeisen Bank Aval has offered the International Finance Corporation (IFC) a loan in the national currency, according to the bank's press service.
The loan of UAH 400 million, or US$15.5 million, has been issued by the bank for eight years. IFC will use these funds for financing investment projects of Ukrainian companies.
Earlier, the Corporation provided a financial support to Ukrainian companies only in a foreign currency, the report said.
"We are making efforts to extend an access to so much needed funding for Ukrainian companies and lengthening its term on the market," said IFC's regional head for Ukraine and Belarus Jason Pellmar.
In his words, the first hryvnia loan has already been provided to Auchan Retail.
Recently, the National Bank of Ukraine has permitted international financial institutions to give hryvnia loans to clients.
Read alsoNBU retains key rate at 12.5%The International Finance Corporation will provide Auchan Retail with the first loan in Ukraine's national currency, that is, UAH 400 million, for eight years.
UNIAN memo. IFC is a member of the World Bank Group and the largest global development institution focused on the private sector in emerging markets. In fiscal year 2016, IFC's long-term investment in developing countries reached $19 billion.
Kyiv-based Raiffeisen Bank Aval is one of Ukraine's biggest banks in terms of assets and has been operating in the Ukrainian market since 1992. The bank has become part of the Austrian banking group Raiffeisen Bank International AG since October 2005.
Raiffeisen Bank Aval increased its profit by 1.9 times to UAH 2.738 billion, or $106.4 million, in the first half of 2017 year-over-year.