Credit Dnepr Bank granted Azenco (Azerbaijan) a direct guarantee for UAH 42 million for the fulfillment of the contract on modernization of the Ukrainian power complex

04 June 2019
Bank Credit Dnepr signed an agreement with Azenco (Azerbaijan), represented by the Azenco AE CIS office in Ukraine, to provide a direct guarantee for the amount of over UAH 42 million to pay for Siemens Ukraine for equipment for the reconstruction of the energy complex of Ukraine.
OJSC Azenco is the winner of two tenders of the State Enterprise NEC "Ukrenergo" for the technical re-equipment of power substations in Sumy and Cherkasy for a total value of about 23 million dollars. USA, which includes the cost of equipment 10 million dollars. USA. The payer for contracts is the World Bank. The contracts envisage the purchase of equipment from major manufacturers of specialized equipment, one of which is the Siemens Ukraine with 100% foreign investment. The Azenco company needs a 90-day delay in payment for its synchronization with the payment for equipment from the State Enterprise NEC "Ukrenergo". To provide the necessary deferral of payment Siemens Ukraine is ready to accept a direct guarantee of Bank Credit Dnepr.
"Our company is one of the leaders in the energy construction and reconstruction market in the Caucasus, a multi-year contractor of the global energy grid," said Ahad Aliyev, the head of the Supervisory Board of Azenco. - We consider the victory in tenders for the modernization of the Ukrainian energy sector as an important stage in the development of new markets and further dynamic development, and documentary support of Ukrainian contracts by Bank Credit Dnepr is the first step of an integrated, mutually beneficial financial cooperation in the interests of our states. "
"Our bank confirms 26 years of reputation as a reliable financial partner for business, providing comprehensive quality financial support and offering the most sought after industry business products," said Vitali Paluura, Deputy Chairman of the Board, Corporate Business Director of Bank Dnipro Credit. - Bank guarantees help our clients to conclude contracts on more favorable terms, minimize risks, optimize financial flows. Over the past year, we have issued more than 1500 different bank guarantees - direct, unsecured for participation in tenders, guarantees of gas balancing for energy traders, became a prominent player in the market. We consider the financial support of the real sector of the economy and energy complex to be a matter of national security and a guarantee of economic prosperity of the country. "
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