EBRD to issue hryvnia loan of up to EUR 25 mln to Ukrgasbank to finance SMEs.

The European Bank for Reconstruction and Development (EBRD) will provide state-controlled Ukrgasbank with a hryvnia loan equivalent to EUR 25 million for subsequent financing of micro, small and medium-sized enterprises (MSME) in Ukraine, the EBRD said in a press release.

"The project will enable Ukrgasbank to finance long-term investments of Ukrainian MSMEs in upgrading their technology and equipment necessary to meet EU standards in terms of product quality, health and safety measures and environmental preservation. At least 70% of all financed sub-leases are expected to be compliant with EBRD Green Economy Transition (GET) approach," the bank said.

"MSME sub-borrowers will benefit from financial incentives of up to 15% of the lower of sub-loan disbursed amount or investment cost for eligible sub-projects, while the bank will receive technical assistance from dedicated consultants on the preparation and implementation of investment projects," the report says.

The EBRD operates in 38 countries on three continents, its shareholders are 69 countries, and Ukraine is among the three largest recipients of its funds.

Ukrgasbank is the fourth largest Ukrainian bank by assets (UAH 149.5 billion as of March 1), with a network of 270 branches with over 4,500 employees serving 2 million individuals and more than 80,000 corporate clients and SMEs. The state, represented by the Ministry of Finance, owns 94.9409% of the shares of the financial institution.

Interfax-Ukraine

News about recent political developments in Ukraine, key Ukrainian economic news and major current events in the CIS and the rest of the world.

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