AVELLUM acted as the Ukrainian legal counsel to the Ministry of Finance of Ukraine in connection with two loan agreements for a total amount of EUR116 million together constituting official financial support from France to Ukraine aimed at strengthening maritime safety and security of Ukraine.

The official financial support is provided under the intergovernmental agreement between the Government of France and the Government of Ukraine and consists of:

• an official loan from the French treasury for EUR40 million; and
• a bank loan arranged by Crédit Agricole Corporate & Investment Bank for EUR76 million, covered by the French Export Credit Agency (BPI AE).

Proceeds from both loans will be used to finance the supply of 20 vessels from OCEA S.A., a French shipbuilding company. It is planned that every fifth of these vessels will be constructed at a local shipyard in Ukraine. The project will allow to strengthen the national defence and bolster local shipbuilding in Ukraine.

AVELLUM team working on the project was led by senior partner Glib Bondar with support from associates Oleg Krainskyi, Mariana Veremchuk, and Yaroslav Pavliuk.