EBRD to provide funds to expand Ukraine local currency lending.
Global Banking News-November 21, 2017--EBRD to provide funds to expand Ukraine local currency lending
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Global Banking News - 21 November 2017
The EBRD is to provide a four-year local currency loan in Hryvnia (UAH) to expand SME lending in Ukraine.
The agency said that it would provide loans worth USD25m to PJSC ProCredit Bank Ukraine (PCBU) for the initiative. This will be one of the first UAH-denominated loans being provided to a commercial bank in Ukraine. It will also be the first synthetic local currency facility hedged through a cross-currency swap with the TCX fund.
Francis Malige, EBRD MD for eastern Europe and the Caucasus, said, 'We are lending to a well-known and well-established financial institution in Ukraine. This loan will support ProCredit Bank's growth strategy focused on the expansion of SME lending much needed in the country. We are confident that the instrument we employ has a good potential for replication and will contribute to the development of local currency lending in this country.'
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