Ukrainian Danube Shipping Company extends fleet renovation agreement with IFC

MOSCOW. June 13 (Interfax) - The state-run Ukrainian Danube Shipping Company and the World Bank's International Finance Corporation (IFC) have extended a fleet renovation agreement concluded a year ago on the sidelines of the Ukrainian Recovery Conference (URC2024) in Berlin.

IFC Vice President for Europe, Latin America and the Caribbean Alfonso Garcia Mora signed the agreement on the IFC behalf, Ukrainian media said, citing Ukrainian Danube Shipping Company Director Dmitry Moskalenko as saying on a social network.

"We have proven that it is possible to transform an old fleet into a modern, energy-efficient and environmentally friendly one," Moskalenko said.

UDP and IFC signed an agreement at URC2023 in London a year ago to envisage the provision of IFC consulting services for mobilizing UDP investments in the fleet modernization and expansion. As reported, IFC will help the state-run company to implement European standards of corporate governance, compliance and financial transparency.

According to the IFC website, last year's project cost $425,000. The website has no information about the project extension for now.