The International Finance Corporation (IFC), a member of the World Bank Group, has issued a $100-million senior loan to ProCredit Holding to be channeled to ProCredit banks in nine countries to support small and medium enterprises (SMEs) in multiple vulnerable economies, including Ukraine.
According to IFC, the project was approved on June 18 and necessary documents were signed on July 9.
ProCredit will channel the financing to its subsidiaries in Albania, Bosnia and Herzegovina, Ecuador, Kosovo, Moldova, North Macedonia, Romania, Serbia, and Ukraine.
At the beginning of July, the European Investment Bank (EIB) decided to provide Ukraine, Georgia and Moldova with EUR 55 million through ProCredit Bank in the respective countries to support SMEs within mitigating the effects of the economic shock.
ProCredit Bank in Ukraine was founded in 2001. At the beginning of 2020, its sole shareholder was ProCredit Holding (100% of the shares).
According to the National Bank of Ukraine, as of May 1, 2020 ProCredit Bank ranked 14th among 75 banks operating in the country in terms of total assets (UAH 25.646 billion).