World Bank to allocate $150 mln for Ukrainian business

This is said in the press release of the World Bank. “Ukraine has creative and unique business potential and can produce high quality competitive goods. 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,” said Satu Kahkonen, World Bank Country Director for Belarus, Moldova, and Ukraine. As noted, the project will be implemented by Joint Stock Company Ukreximbank. The state financial institution will provide sub-loans to participating banks which, in turn, will pass on the financing to various small and medium enterprises in Ukraine. The small and medium enterprises will be selected on the basis of their financial health and capacity to develop a sound business export model. Since Ukraine joined the World Bank in 1992 the Bank’s commitments to the country have totalled over 12 billion US dollars in around 70 projects and programmes.