KIEV, Nov. 14 - The Ukrainian government has approved a draft subscription agreement, which will be signed with the Ukrainian state enterprise "Financing of Infrastructure Projects" (Fininpro) and Morgan Stanley & Co. International plc for the placement of Fininpro's eurobonds against state guarantees.

The Cabinet of Ministers also issued resolution No. 1034, which was posted in the Cabinet Web site on Wednesday, to approve the terms of the issue, drafts of a guarantee agreement, a trust deed, and an agreement on the appointment of an agent with the structures of BNY Mellon.

The government in April approved up to UAH 5.2 billion ($650 million at the official forex rate) worth of state guarantees that are to be provided under a loan to be taken by Fininpro this year.