KYIV, July 29 – The Cabinet of Ministers has authorized Minister of Finance Serhiy Marchenko to agree on a mandate letter between Oschadbank and the European Bank for Reconstruction and Development (EBRD) regarding the start of work on a project to attract a long-term loan of up to EUR 100 million.

The decision was made by the government at a meeting on Wednesday.

According to an explanatory note to the draft order, the signing of the mandate letter will allow the bank to attract a loan on terms of subordinated debt in the amount of up to EUR 100 million in equivalent with the option of converting into bank shares.