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PKO BP SAEBRD provides KredoBank with new tranche of EUR 50 mln to finance Ukrainian businesses
Ukrainian KredoBank, owned by Poland's largest lender by assets PKO BP, has signed an agreement with the European Bank for Reconstruction and Development (EBRD) to extend its financial guarantee programme for business lending. The agreement provides for the receipt of a further tranche of EUR 50 million, EBRD said in a press release.
This tranche which will be directed to support Ukrainian entrepreneurs - small and medium-sized businesses.
According to the agreement signed, the EBRD provides an unfunded instrument that covers 50 percent of the risk under new business loan agreements provided by KredoBank.
"(...) The signed additional agreement will allow eligible KredoBank borrowers to also receive grant support in the form of investment incentives after the completion of their investment projects," said the CEO of KredoBank Jakub Karnowski, quoted in the press release.
"At the beginning of May this year, within the framework of cooperation with the EBRD, we have already issued loans for more than EUR 185 million, of which almost a quarter of the amount are loans for entrepreneurs operating in high-risk areas," he added.
EBRD reported in the press release that half of the loans from the total quota of more than EUR 185 million which were issued by KredoBank within the framework of cooperation with the EBRD, were received by manufacturing enterprises, including agricultural ones.
A third of borrowers are trade enterprises, and the rest are other industries (logistics, construction, services, etc.). The main share of financing is directed to support current activities, and about a quarter is directed to long-term investment loans and leasing.
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