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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 on 09-08-2022)

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, the term "institute of joint investment" - in the value given in the Law of Ukraine "About institutes of joint investment", 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.

The criterion - sufficiency of pure investment cash flow is applied to institutes of joint investment instead of criterion of sufficiency of pure operational cash flow.

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, other international financial institutions which member is Ukraine, and the 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.

If applicant is the legal entity whose shares (share) are in circulation on the foreign stock exchange which is included into the list of foreign stock exchanges approved by Ministry of Economics the criterion determined by Items 14 and 15 of these requirements is applied to such applicant only.

The documents specified in subitems 1 - 4, the 6th Item 8 of these requirements, move concerning all legal entities who together submitted the application.

The documents specified in the subitem 5 of Item 8 of these requirements can move one or several legal entities who together submitted the application and who will provide financing of the investment project at the expense of the raised funds.

The legal entities who submitted the joint application shall submit as a part of the request the agreement on cooperation to implementation of the investment project.

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.

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