|
EBRD launches second credit line for SMEs in Ukraine
Small and medium-sized enterprises (SMEs) in Ukraine will benefit from financing of US$ 88 million (€ 96.3 million) from the European Bank for Reconstruction and Development (EBRD) following the signing of a credit agreement by the Government of Ukraine, the National Bank of Ukraine and the EBRD. The agreement follows the completion of the EBRD's first SME credit line in Ukraine, which disbursed US$ 132 million via ten participating banks.
''Small, medium and micro-sized enterprises form the backbone of a vibrant market economy,'' said EBRD Senior Banker Anne Fossemalle. ''In Ukraine, in particular, they have a major role to play in generating economic growth and income, and in encouraging competition. The EBRD programme also aims to further develop Ukraine's banking system by supporting banks that are financially strong, with sound corporate governance principles,'' Ms Fossemalle said.
Seven banks have been selected to participate in the new credit line. Macro and microcredit will be provided by four banks (Aval Bank, Aggio Bank, Privat Bank and Forum Bank) while macrocredits alone will be available via GaspromBank and Nadra Bank. Kyiv-Privat Bank will provide purely microcredit. EBRD financing will be channelled through the National Bank of Ukraine, which will on-lend the funds to the seven participating banks. These banks will grant loans totalling US$ 66 million to SMEs. Microcredits will total US$ 16.5 million.
Since it began operations in Ukraine in 1993, the EBRD has signed 36 projects, committing € 913 million. Combined with money provided by co-investors, the total project value is € 1.9 billion. The EBRD is the largest and most diversified investor and creditor in Ukraine.
|
