03 June 2021, Thursday, 18:51 151

World Bank Decides To Allocate USD 100 Million To Ukreximbank To Support Ukrainian Exports

Редактор: Daria Zubkova

The World Bank decided to allocate USD 100 million to the State Export-Import Bank of Ukraine (Ukreximbank) to support Ukrainian exports.

Ukreximbank has said this in a statement, Ukrainian News Agency reports.

"The Board of Executive Directors of the World Bank on May 28 approved the provision of a loan to Ukreximbank in the amount of USD 100 million, the funds of which will be used for targeted medium and long-term lending to export-oriented small and medium-sized enterprises," the statement reads.

It is noted that the decision of the council confirms the key role of Ukreximbank as the main institution for attracting funds from international financial organizations for systemic support of the domestic economy through long-term investment lending, which is also evidence of confidence in the actions of the new management to implement anti-crisis measures and the strategy to increase the loan portfolio of the bank's core businesses-borrowers working in foreign markets.

"Additional funding to counter COVID-19 within the framework of the access to long-term financing project will be aimed at supporting small and medium-sized Ukrainian enterprises affected by the pandemic by providing loans to finance working capital needs and investment projects," Ukreximbank said.

As Ukrainian News Agency earlier reported, in May 2017, the World Bank decided to provide the State Export-Import Bank of Ukraine with a USD 150 million loan within the framework of the project "Access to Long-Term Financing to Support Small and Medium-Sized Export-Oriented Enterprises of Ukraine."

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