May 2, the Board of the World Bank Executive Directors approved a loan for Ukraine in the amount of $ 150 million. The money will go to the project on long-term financing of export-oriented small and medium-sized businesses, according to the World Bank website.
Ukraine has great potential, according to Satu Kahkonen, the World Bank Director in Ukraine, Moldova and Belarus. She noted that still there are serious obstacles to national exports, and small and medium-sized enterprises have limited access to credit.
"Access to long-term financing for small and medium-sized enterprises will help the country increase exports and promote economic growth in Ukraine," Kahkonen said.
The project will be implemented by Ukreximbank, which will provide sub-loans to Ukrainian participating banks. The latter, in turn, will allocate funding to Ukrainian small and medium-sized enterprises. To participate in the program, they will be selected, given the financial condition and the ability to develop a robust export business pattern.
The World Bank, along with the International Monetary Fund and the European Bank for Reconstruction and Development, is a key donor for Ukraine.