The World Bank reports that the funds will be directed for the support of export-oriented small and medium businesses. The borrower and executor of the bank's project are the state-owned Ukreximbank.
Under this program "Access to invest.com/investing-in-ukraine/business-opportunities/long-term-business/" rel="dofollow">Long-Term Financing", Ukreximbank will grant loans to export-oriented businesses, which suffered from the Сovid-19 pandemic. The loans will have longer maturities than the market currently offers, the WB added.
"These new loans from Ukreximbank will create jobs, boost competitiveness, help Ukrainian companies find new customers abroad, increase revenues and contribute to poverty reduction as Ukraine emerges from the pandemic," said Arup Banerjee, World Bank regional director for Eastern Europe.
Recall that the $150 million Access to Long-Term Financing project has been active in Ukraine since the summer of 2018. During this time, more than 50 entrepreneurs have received loans. Most of the businesses supported by the project operate in the agriculture and food processing sectors, where Ukrainian exporters have a significant competitive advantage and where SMEs traditionally play a leading role.