EBRD and EU support small businesses in Ukraine
The European Bank for Reconstruction and Development is providing a loan of EUR 25 million to Crédit Agricole Bank Ukraine to increase the competitiveness of micro, small and medium-sized enterprises (MSMEs) in the country, the EBRD said in a statement.
The loan is backed by grant funding from the European Union under its EU4Business initiative. The new financing will enable the bank to expand its leasing solutions, in Ukrainian hryvnia, to MSMEs, so that these firms can invest in upgrades of machinery, equipment and technologies that comply with EU product quality, health and safety, and environmental protection standards.
The lender aims to dedicate at least 70% of the loan to financing green technologies, in line with the EBRD's Green Economy Transition (GET) approach. In addition to long-term financing, lessees will receive grant support, funded by the EU, in the form of investment incentives on completion of their upgrade projects.
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