On September 26, the World Bank and UkrEximBank signed a loan agreement for the Second Export Development Project. The agreement was signed in Kyiv by Mykola Udovychenko, Deputy Head of Board of the JSC State Export and Import Bank of Ukraine and Mr. Paul Bermingham, World Bank Director for Ukraine, Belarus and Moldova, the World Bank latest press release reports.
The project will support growth in Ukraine by providing medium and long-term working capital and investment finance to Ukrainian private exporting enterprises. The project also aims to further improve the ability of the Ukrainian banking sector to provide financial resources to Ukrainian enterprises by providing a wider variety of lending products.
“Ukrainian exports have been the primary engine of economic growth in the last several years, and continued growth of Ukrainian exports is a national priority of the Ukrainian government. We are happy to be able to work with Ukrainian authorities through this project to enhance and sustain export competitiveness of Ukrainian enterprises”, said World Bank Director for Ukraine, Belarus and Moldova Paul Bermingham.
Wider availability of sufficient long-term finance is essential for sustainable growth. Apart from the availability of finance, there is a widely perceived need for a dedicated Ukrainian Export Credit and Guarantee Agency able to provide specific export credits, credit insurance and guarantee products to all Ukrainian exporters. The EDP-2 project will assist in achieving both of these objectives.
EDP 2 will be a successor to the previously successful EDP 1 project (1996-2003). The borrower and the main implementation agency is the State Export-Import Bank of Ukraine (UkrEximbank). The World Bank will provide a line of credit to Ukreximbank, which will on-lend the funds to eligible private banks. The private banks will in turn make medium-term working capital or long term investment loans to eligible private exporters to increase their export potential. Thus, while EDP 1 was a retail export intermediation loan directly from Ukeximbank to exporters, the main emphasis of the new project will be on Ukreximbank operating as wholesale export finance and guarantee institution, and a wholesale line of credit to other private banks will be the anchor component of the project.
The loan will be provided to Ukreximbank at the Bank's standard interest rate for LIBOR-based, single currency dollar loans, repayable in 20 years, including a 5-year grace period, and will be guaranteed by the Ukrainian government. Since Ukraine joined the World Bank in 1992, Bank commitments to the country total about US$ 5 billion for 36 projects and programs.
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