26 june 2017JSC Ukreximbank and the World Bank signed contractual documents on the Access to Long Term Finance Project
Ukreximbank borrows USD 150 million from the World Bank to support export-oriented small and medium-sized businesses.
On June 26, 2017, Oleksandr Hrytsenko, the Chairman of the Board of Joint Stock Company The State Export-Import Bank of Ukraine and Satu Kähkönen, the Director of the World Bank for Ukraine, Belarus and Moldova signed contractual documents on the Access to Long Term Finance Project – Guarantee Agreement between Ukraine and IBRD, Loan Agreement between Ukreximbank and IBRD and other relevant documentation.
Under the above-mentioned agreements, IBRD will provide a USD 150 million sovereign guaranteed loan for 35 years to Ukreximbank, which is a direct Borrower and Implementing Agency for Access to Long Term Finance Project.
According to the agreed Project documentation, Ukreximbank will provide medium- and long-term loans, both for investment projects financing and working capital needs, aimed at the development of export potential of Ukrainian SMEs both directly and by means of on-lending through Ukrainian commercial banks. The Project’s final beneficiaries and participating banks will be selected in accordance with the eligibility criteria agreed upon with IBRD.
On the occasion of the signing, Yuriy Butsa, Deputy Minister of Finance of Ukraine, stated that Ukreximbank as a longstanding and reliable partner of the World Bank professionally, timely and fully accomplishes all projects jointly implemented with IBRD.Following on Mr. Butsa stressed that “the Access to Long Term Finance Project meets Ukraine’s strategic objectives related to national export support, including, inter alia, improvement of Ukrainian producers’ access to of finance, increase of Ukrainian goods and services export, enhancement of competitive edge of Ukrainian merchandises, and the growth of the national manufacturers’ share in rapidly developing global markets”.
Expressing gratitude to the World Bank for the support provided during the two-decade cooperation, Oleksandr Hrytsenko, Chairman of the Board of Ukreximbank, emphasized that the bank will continue to use the gained experience, involve highly professional staff, and apply time-proven banking technological solutions in order to effectively implement the Access to Long Term Finance Project, since the Project’s objectives in terms of support to Ukrainian exporters as well as SMEs – as key drivers of Ukraine’s social and economic development – are priority goals of the state-owned Ukreximbank.