World Bank allots $150 mln loan for Ukraine
The World Bank's Board of Executive Directors on May 2 approved a US$ 150 million loan for the Access to Long Term Finance Project that will support Ukraine's export-oriented small and medium enterprises (SMEs), according to the World Bank's press service.
"Ukraine has creative and unique business potential and can produce high-quality competitive goods," said Satu Kahkonen, World Bank Country Director for Belarus, Moldova, and Ukraine, the press service reports.
"However, many obstacles limit Ukraine's ability to export. Lack of quality financing is one of them. Access to longer term finance for small and medium enterprises will help the country grow its exports and contribute to reviving economic growth in Ukraine," he added.
Read alsoCreation of Financial Investigation Service to eliminate security services' pressure on business: DanyliukThe Joint Stock Company Ukreximbank is expected to implement this project by providing sub-loans to participating banks which, in turn, will pass on the financing to various SMEs in Ukraine. The SMEs will be selected on the basis of their financial health and capacity to develop a sound business export model.
As UNIAN reported earlier, the World Bank stressed the importance of holding pension and land reforms in Ukraine, the successful implementation of which will become an indicator to further introduce serious and complex changes for the development of the country and its economy.