IFC, a member of the World Bank Group, is helping provide an $85 million financing package to build a network of gas filling stations in eastern Ukraine, bolstering the infrastructure for petrochemicals distribution and expanding access to high-quality fuel services across the country.
IFC will provide $30 million in debt financing to support the network, which is being built by a joint venture between leading Ukrainian fuel retailer Galnaftogaz and ADM Capital via its CEECAT Recovery Fund. The additional $55 million is being mobilized from the Dutch development bank FMO and UniCredit bank.
This is IFC’s fourth engagement with Galnaftogaz, which owns and operates a network of 390 fuelling stations and employs over 5500 people. When IFC first engaged with GNG, it employed 2,000 people. IFC has also helped the company implement one of Ukraine’s first corporate governance codes, making it one of the country’s most transparent firms.