Ukrainian National Depository to receive $300,000 from IFC for setting up Register of Agrarian Notes

MOSCOW. Nov 1 (Interfax) - The National Depository of Ukraine (NDU) and the International Finance Corporation (IFC), a member of the World Bank Group, have signed a grant agreement under which the NDU will receive up to $300,000 for establishing and implementing an innovative Register of Agrarian Notes, Ukrainian media reported, citing the NDU website.

"IFC supports establishing an advanced digital Register with extensive functionality, which will contribute to even greater attraction of financing for Ukrainian agricultural producers, create opportunities for access to capital markets for all participants in the process and expand the range of potential investors," head of the IFC representative office in Ukraine Yelena Voloshina said.

The NDU said that the Register of Agrarian Notes aims to ensure a simple, reliable and fast procedure for issuing agrarian notes due to its electronic interaction with other public registers and the depository system. With the introduction of the Register an efficient arrangement for fulfilling obligations under agrarian notes, including a forced one, with minimal impact of the human factor is also expected to be established.

Meanwhile, the Register will secure transparency, efficiency and convenience of operations with agrarian notes by automating the processes of forming details of agrarian notes, making changes to them, their issuance and termination. Automated operations will simplify the collaboration between agricultural producers, lenders and investors.

The digitalization of processes in the Register will also cut transaction costs associated with the issuance and termination of agrarian notes, which will make the tool cheap and convenient to use.