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RESOLUTION OF THE CABINET OF MINISTERS OF UKRAINE

of June 23, 2021 No. 648

About approval of requirements to the applicant concerning solvency for implementation of the investment project with considerable investments

(as amended of the Resolution of the Cabinet of Ministers of Ukraine of 13.12.2021 No. 1311)

According to part three of article 7 of the Law of Ukraine "About the state support of investment projects with considerable investments in Ukraine" the Cabinet of Ministers of Ukraine decides:

Approve requirements to the applicant concerning solvency for implementation of the investment project with considerable investments which are applied.

Prime Minister of Ukraine

D. Shmygal

Approved by the Resolution of the Cabinet of Ministers of Ukraine of June 23, 2021 No. 648

Requirements to the applicant concerning solvency for implementation of the investment project with considerable investments

General requirements

1. These requirements establish criteria of solvency of the applicant for implementation of the investment project with considerable investments (further - the investment project).

Action of these requirements does not extend to projects which realization is enabled according to Procedure for preparation, realization, monitoring and completion of projects implementation of economic and social development of Ukraine, supported by international financial institutions, the Cabinet of Ministers of Ukraine approved by the resolution of January 27, 2016 No. 70.

2. In these requirements the term "mother company" is used in the value given in the Tax code of Ukraine, other terms - in the value given in the Law of Ukraine "About the state support of investment projects with considerable investments in Ukraine".

3. The applicant shall correspond to all criteria of solvency of the applicant for implementation of the investment project determined by these requirements namely:

to criterion of sufficiency of equity;

to criterion of sufficiency of pure operational cash flow;

to criterion of availability of financing sources for covering of considerable investments.

For the specified criteria the minimum measure values taking into account the amount of considerable investments into investment objects during the term of implementation of the investment project are established.

4. Compliance to criteria of solvency of the applicant for implementation of the investment project proves to be true by provision as a part of the request of the relevant documents in paper form in Ministry of Economics or electronically with use of the Single state web portal of electronic services (in case of technical capability).

5. The documents issued by competent authorities of foreign state shall be legalized if other is not provided by the international treaty of Ukraine, and are provided together with the translation into Ukrainian certified in accordance with the established procedure.

6. If applicants are several legal entities who together submitted the application, criteria specified in Items 10 - 15 these requirements, the requirements determined by Items 16 - 24 of these requirements, in case of impossibility of confirmation of availability of financing sources for covering of considerable investments in full according to Item 15 of these requirements, - to that legal entity (persons) who will provide financing of the investment project at the expense of the raised funds are applied to all legal entities in total as to whole, and.

In case the investor with considerable investments who is specially formed by the applicant for implementation of the investment project with considerable investments provides financing of the investment project at the expense of the raised funds, the requirements determined by Items 16 - 24 of these requirements, are applied to the applicant.

If the applicant submits the comfort letter from the International Finance Corporation, the European Bank for Reconstruction and Development, the European Investment Bank and government financial institutions created by the government (governments) of foreign state (foreign states) about signing between the applicant or the investor with considerable investments and the relevant international financial organization / government financial institution of the loan agreement for implementation of the investment project with considerable investments, the criterion determined by Items 14 and 15 of these requirements is applied to it only.

7. For the purposes of confirmation of conformity of the applicant to the criteria concerning its solvency for implementation of the investment project determined by Items 10 - 15 of these requirements, the applicant has the right to use supporting documents of mother company and/or the faces tied with the applicant the control relations. The applicant or the mother company of the applicant or person connected with the applicant the control relations shall conform to all requirements to financial stability, profitability and liquidity determined by Items 16 - 24 of these requirements if such persons will provide financing of the investment project at the expense of own and/or raised funds, and also cannot confirm availability of financing sources for covering of considerable investments in full according to Item 15 of these requirements.

If the applicant who submits the application during 2021-2022 cannot confirm compliance to the criteria concerning its solvency for implementation of the investment project determined by Items 10 - 24 of these requirements, the applicant has the right to use the supporting documents, and also supporting documents of mother company and/or the faces tied with the applicant the control relations in 2019 financial year. At the same time the applicant shall provide the copy of the financial reporting and the audit report for the last financial year, and also for 2019.

8. The applicant gives:

1) the reference containing list of the legal entities submitting the application with indication of, in particular, their full name, data on registration of the legal entity, information on authorized persons, contact information on each legal entity submitting the application;

2) the reference containing list of shareholders (participants) of the applicant who are owners more than 5 percent of shares (shares) in the authorized capital of the applicant, the related companies and beneficial owners, and also structure of property of the applicant submitting the application;

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