On Feb. 1 representatives of PJSC Joint Stock Bank “Ukrgasbank” and the German-Ukrainian Fund (GUF) signed a Memorandum on Strategic Partnership and Cooperation. The document provides closer collaboration between the establishments to work out lending programs for micro, small and medium business in Ukraine. Due to cooperation with Ukrgasbank Fund’s assets could be efficiently used to support agricultural and energy efficiency projects, Deputy Finance Minister Yuryi Butsa said.
Fund programs provide special credit terms for development and support of small business. In particular, it is possible to get a loan for working capital for a period of 3 years and for investment purposes for up to 5 years.
During cooperation between Ukrgasbank and GUF since 2012, 274 loans at the cost of more than 243 million UAH were issued. In order to implement lending programs of the Fund, the agreements doubling financing of Ukrgasbank were signed at the end of 2016.
Signing of the Memorandum promotes partnership with the bank within the framework of new programs supporting small and medium business and allows to increase the amount of funding up to 9 million EUR in the first half of 2017, GUF Executive director Oleg Strynzha said.
It should be recalled, that the German-Ukrainian Fund was established in 1999 by the National Bank of Ukraine, the Cabinet of Ministers of Ukraine represented by Ukraine’s Ministry of Finance and the German Credit Institution for Reconstruction (KfW). Management of Fund’s assets is carried out by the state institution of Ukraine’s Ministry of Finance “Office for the Administration of International Financial Cooperation Projects”.
Source: Ministry of Finance
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