EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT (EBRD) has widened further its cooperation with Piraeus Bank in Ukraine by signing two framework agreements aiming to support financing to small and medium enterprises (SMEs).
Piraeus Bank is already participating in the Trade Facilitation Program of EBRD for a number of years.
In particular, the first agreement, for EUR 10 million, is related to sharing the risk with EBRD for loans Piraeus Bank may be extending to specific customers. Within this framework, EBRD may undertake up to 50% of the credit risk for loans that Piraeus Bank provides to some companies.
The second agreement, concerns a funding facility in Hryvnia to the equivalent of USD 5 million to be provided from EBRD to Piraeus Bank for lending to SME companies.
“Piraeus Bank is developing and strengthening further its partnership with EBRD with the signing of these agreements. Such a cooperation gives us the opportunity to finance SME enterprises, increasing volumes of transactions with existing and potential customers as well as widening the choice of lending programs available in our bank for financing the real sector of the country’s economy” – commented Sergiy Naumov, Chairman of the Management Board of Piraeus Bank Ukraine.
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