The European Bank for Reconstruction and Development (EBRD) has signed a EUR50 million loan agreement with Ukraine’s state-owned Ukreximbank, the loan funds will be used to finance private clients and municipalities.
“Ensuring uninterrupted financing through time-tested partner financial institutions such as Ukreximbank despite the war so that the private sector and municipalities can continue to operate, provide services and support the country is a priority for the EBRD in Ukraine,” EBRD Managing Director for Eastern Europe and the Caucasus Matteo Patrone said in a release Friday.
It is specified that the EBRD’s special crisis response fund covers the risk on the EUR25 million loan.
“During the war and post-war reconstruction phase, it is very important for Ukreximbank’s clients in priority sectors to have access to investment, commercial financing and war risk coverage. The new EBRD financing will certainly contribute to greater sustainability and adaptability of the Ukrainian economy,” said in turn Oleksandr Shchur, a member of the supervisory board of Ukreximbank.
According to the National Bank of Ukraine at the beginning of May, Ukreximbank with total assets of 275.46 billion UAH is the third largest Ukrainian bank among 65 operating in the country.
