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RLF - Ukreximbank 2022 EUR 50m loan



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

22 Mar 2023



PSD disclosed:

06 Dec 2022

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project Description

A senior unsecured loan of up to EUR 50 million under the Resilience and Livelihoods Framework in favour of JSC "The State Export-Import Bank of Ukraine" ("Ukreximbank", the "bank") for financing private corporate clients and municipalities in Ukraine affected by the war. This project was approved in the context of the Bank's response to the Russian-led invasion of Ukrainian territory in February 2022. To avoid delays to the delivery of this project, the Bank's President granted a deviation from the ordinary timelines for PSD disclosure, as contemplated by Section V of the Directive on Access to Information. Details of this deviation, and the Bank's response to this situation, can be found on our website.

Project Objectives

The facility will provide much-needed medium-term financing to Ukreximbank during the wartime and enable the bank to support its private corporate clients and municipalities leveraging on its strategic focus, proven expertise in corporate lending to critical sectors, and strong regional presence.

Transition Impact

ETI score: 70

The Project will support the Resilient and Inclusive TI qualities. The Resilient quality stems from Ukreximbank's reinforced lending capacity and improved and diversified funding profile via attraction of the medium- term funding. The Project will also support the Inclusive quality, which stems from the much needed financing support to private businesses and municipalities affected by the war and therefore by contributing to safeguarding their human and organisational capital, as well as their livelihood and that of their workforce.

Client Information


JSC "The State Export-Import Bank of Ukraine" is fully owned by the state and is the third largest bank in Ukraine in terms of assets with a market share of 10 per cent. It specializes in servicing corporate clients, financing international trade, and implementing IFIs' investment facilities. The bank has a head office in Kyiv and a country-wide network of 51 branches and 2 representative offices in London and New York. 

EBRD Finance Summary

EUR 50,000,000.00

Total Project Cost

EUR 50,000,000.00


Response to the war in Ukraine: the Project is undertaken in the extraordinary circumstances of the ongoing war on Ukraine, enabling medium and long-term financing of private companies and municipalities in the country.

Environmental and Social Summary

Categorised FI (ESP 2019). Ukreximbank is an existing client and performance on environmental and social (E&S) issues to date has been satisfactory. Recent and previous E&S due diligence, demonstrated that the Company has a written Environmental Management Policy, has staff nominated to manage E&S issues and has adequate E&S risk management procedures built into the credit appraisal process. Ukreximbank will be required to continue to comply with EBRD's Performance Requirements (PRs) 2, 4 and 9; and submit Annual Environmental and Social Reports to the Bank. Ukreximbank will furthermore be required to apply the updated Exclusion List introduced with ESP 2019 as well as the Referral List.

Technical Cooperation and Grant Financing

TC: None

Non-TC:  The project will be supported by donor funded first loss risk cover in the amount of EUR 25 million will be provided by the EBRD Crisis Response Special Fund under a specific window for the EBRD's War on Ukraine Response Package.


Company Contact Information

Victoria Masna
Joint Stock Company "The State Export-Import Bank of Ukraine" 127 Antonovycha Street 03150 Kyiv Ukraine

Implementation summary

PSD last updated

07 Dec 2022

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email to get guidance and more information on IPAM and how to submit a request.


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