On December 24, 2021, JSC “CREDITWEST BANK” and JSC “Ukreximbank” signed a Subsidiary Financing Agreement within the framework of the Access to Long Term Finance Project with the International Bank for Reconstruction and Development (IBRD), the total amount of which is $ 150 million, for improving the access of export-oriented small and medium enterprises (SMEs) to long-term financing.
JSC "CREDITWEST BANK" was selected by the IBRD and JSC "Ukreximbank" as one that meets all the criteria for the Project implementation by providing financing of USD 1.5 million to its clients. Selection of subprojects for financing will be carried out directly by JSC "CREDITWEST BANK" taking into account the requirements of the IBRD.
“Access to Long Term Finance Project consists of two components and besides the direct lending to private Ukrainian companies also has the institutional support for participating financial institutions. Our partner JSC “CREDITWEST BANK” may direct the additional financial resources for improvement of production processes and increasing of export earnings of their clients”, - said Oleksandr Shchur, Member of the Management Board of JSC “Ukreximbank”.
"Continuing long-term and successful cooperation with Ukreximbank, CREDITWEST BANK has decided to join Access to Long-Term Finance Project with the IBRD and Ukreximbank to provide export-oriented SMEs with the most favorable conditions for financing their investment needs and working capital." – stated Igor Tykhonov, Chairman of the Management Board of JSC “CREDITWEST BANK”.
The loan funds are directed to finance investment needs (up to 5 years) and working capital (from 6 months) of export-oriented SMEs. Participation in this Project will provide companies with strong long-term support for export potential development, competitiveness enhancement and rapid post-crisis recovery in the context of the COVID-19 pandemic.