Ukraine: EIB and PRAVEX BANK sign €30 million loan to support SMEs affected by COVID-19 crisis
March 29, 2021

Ukraine: EIB and PRAVEX BANK sign €30 million loan to support SMEs affected by COVID-19 crisis

The European Investment Bank (EIB) and PRAVEX BANK, a member of the Intesa Sanpaolo Group, have signed a €30 million credit line to support Ukrainian private sector businesses. This support will focus on small and medium-sized enterprises (SMEs), which due to pandemic have experienced a decrease in turnover and profitability, leading to payment delays and an increased demand for liquidity.

This loan is a part of Team Europe’s overall response to the COVID-19 crisis aiming to support a sustainable social and economic recovery in the Eastern partner countries.

“The operation aims to make available vital financing for SMEs and mid-caps to help them cope with the economic impact of the COVID-19 pandemic – not only to keep businesses afloat, but also to strengthen their resilience and safeguard jobs,” said the head of the EIB Resident Representation for Ukraine, Jean-Erik de Zagon.

SMEs in Ukraine account for over 90% of local businesses, contribute more than 50% of GDP, and employ about 60% of the working population.

Ukraine has been the main recipient country of EIB support in the Eastern Neighbourhood, accounting for more than 60% of EIB lending activity in this region.

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Press release


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