The Ministry of Finance of Ukraine has attracted a EUR 400 million loan from the European Investment Bank (EIB) for the implementation of projects on development of commercial banks, as well as small and medium-sized businesses, official media reported.
”The Finance Ministry acts as a borrower. The loan funds to the tune of EUR 400 million will be channeled through Ukrainian commercial banks to support the private sector development, implementation of small and medium-sized business projects, projects prepared by mid-cap companies, as well as projects on the development of social and economic infrastructure, including energy efficiency and adaptation to climate changes,” a statement reads.
It is reported that the participation in the funds distribution program is possible for small and medium enterprises with the number of staff under 250 people, mid-cap entities with up to 3,000 employees, as well as companies hiring more than 3,000 people. The size of loans will range between EUR 25 million (for SMBs) and EUR 50 million (for companies with over 3,000 employees). It is noted that the projects, for which companies seek funding, should meet the EIB requirements. The allocation of loan funds will be carried out through state-owned Ukreximbank. The financial institution will also provide assistance to program participants.
As UaPosition reported earlier, an agreement on the provision of EIB funds to the Finance Ministry within the framework of the banks and SMEs assistance program was ratified by the Verkhovna Rada on July 15, 2015. However, organizational arrangements for the agreement implementation started only in March 2016.
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