IFC considers loaning Galnaftogaz up to USD 80 mln

The International Finance Corporation is considering loaning Galnaftogaz (UX: GLNG UK) up to USD 80 mln to help finance a USD 210 mln investment program over the next two years. Of the entire USD 210 mln, Galnaftogaz plans to direct USD 150 mln toward increasing its retail network by 75 stations, while the other USD 60 mln will go toward mezzanine debt refinancing. The IFC’s decision is expected on May 6. The European Bank for Reconstruction and Development is also considering financing Galnaftogaz’ expansion projects with a similar amount, which could raise the EBRD’s stake in Galnaftogaz from 10% currently to 19%.