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
THE STATE EXPORT-IMPORT BANK OF UKRAINE JSC
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
Additionality
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
VMasna@eximb.com
+380442478014
https://www.eximb.com/
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.
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Environmental and Social Policy (ESP)
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More information on the EBRD’s practices in this regard is set out in the ESP.
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Access to Information Policy (AIP)
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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 ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.