The European Bank for Reconstruction and Development (EBRD) on December 1 approved the allocation of up to EUR 25 million to Pravex Bank (Kyiv) under the guarantee of the parent company Intesa Sanpaolo S.p.A. (Italy) to finance small and medium-sized enterprises (SMEs).
“The project will support Pravex Bank to sustain portfolio growth at least in line with the market. The proposed project will channel much-needed funding support to real-economy clients helping to mitigate the economic consequences of the pandemic crisis,” the EBRD said on its website.
This crisis response project is aimed to bridge a liquidity gap due to adverse market conditions related to COVID-19 crisis, the press release reads.
