European Bank of Reconstruction and Development is to consider the issue on the credit of $20 millions to the Black Sea Navigable Management (the Ukraine)

The board of the directors of the European Bank of Reconstruction and development (EBRD) is to consider on May, 16th, 2006 a question concerning providing to Black Sea Navigable management LLC a credit for the amount of $20 million for financing of construction and purchasing of five dry-cargo ships. As RZHD-Partner writes, the project is a part of BSSM program on updating of its fleet. Vessels are planned to be constructed at the Khersonski shipbuilding factory. They are supposed to operate in basins of the Azov, Black and Mediterranean seas. It is also supposed, that the credit will be provided to five specially established with offshore companies 100% of which belong to a holding shipping company. EBRD underlines that all the off shore companies will be register under jurisdiction acceptable for the Bank and will subject to BSSM supervision. Estimated total value of the project is $34 mln.