Financial sector news

EBRD provides €70 million to support small and medium-sized businesses in Ukraine

  • Source: EBRD

The European Bank for Reconstruction and Development (EBRD) has signed a new unfunded portfolio risk sharing agreement with Ukraine's ProCredit Bank, which will allow it to provide new loans to small and medium-sized enterprises (SMEs) in Ukraine totaling EUR 70 million. The agreement was signed at the EBRD Annual Meeting 2024.  This was reported by the EBRD press service.

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The guarantee will cover up to 50% of ProCredit Bank's credit risk on new sub-loans to private companies in Ukraine. The financing will support businesses in critical sectors such as agriculture, manufacturing, transport and pharmaceuticals, helping them to continue their operations and ensure Ukraine's economic resilience.

The agreement will enable ProCredit Bank to increase its lending, which is crucial for SMEs, especially in times of war. This is the fourth such agreement between the EBRD and ProCredit Bank since the beginning of the war, which reflects the trust and effectiveness of previous cooperation. The total amount of EBRD-supported financing for ProCredit Bank will reach €165 million.

Particular attention will be paid to supporting long-term investments by SMEs in green technologies that meet EU standards and help to increase their competitiveness. Up to 15% of the loans covered by the guarantee will be used for these investments. Eligible sub-borrowers will also be able to receive technical assistance and grant incentives from the EU-funded EU4Business initiative.

In addition, the EBRD's guarantee is backed by first loss coverage provided by the United States of America through the EBRD's Special Crisis Response Fund as part of the Bank's Resilience Package.

The importance of supporting SMEs:

SMEs are the driving force behind the Ukrainian economy, creating jobs and driving economic growth.
The war has caused significant damage to Ukrainian SMEs and they need support to recover and grow.
This EBRD program will help Ukrainian SMEs access the financing they need to continue their operations and contribute to the country's economic recovery.
Additional benefits:

15% of the loans provided under this program will be used to support long-term investments by SMEs in green technologies that meet EU standards.
Eligible sub-borrowers will also be able to receive technical assistance and grant incentives to support their investments.
This component of the program is funded by the EU through its EU4Business initiative.
“ProCredit Bank is a leading commercial bank in the SME lending market in Ukraine, serving 5,700 SMEs and over 20,000 private individuals.

Since the outbreak of full-scale war, the EBRD has invested more than €4 billion in the Ukrainian economy, focusing its strategic priorities on private sector support, energy security, vital infrastructure, food security and trade.

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