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On February 9, 2012, Joint Stock Company The State Export-Import Bank of Ukraine (JSC Ukreximbank) and the European Bank for Reconstruction and Development (the EBRD) signed a Loan Agreement on further strengthening of joint support of sustainable energy projects of the Ukrainian private entities.

In accordance with the terms and conditions of the Loan Agreement, Ukreximbank will receive USD 50 million credit line to finance investments in industrial energy efficiency and renewable energy projects.

Ukreximbank and the EBRD have considerable cooperation experience in supporting renewable energy projects in Ukraine. In particular, Ukreximbank has been a participant of the EBRD Ukrainian Energy Efficiency Program (UKEEP) since 2007. Under the UKEEP, Ukreximbank financed over 30 energy efficiency investment projects with the total amount of over USD 85 million in fifteen oblasts of Ukraine.

Ukreximbank experience in financing of energy efficiency sector created foundation for implementation of a new program with the EBRD. Loans under the program will be provided to subborrowers for up to 5 years with optional grace period and eligibility criteria for projects same as under the UKEEP. At the same time, with regard to the priority given by both JSC Ukreximbank and the EBRD to small- and medium-sized enterprises, the Program is intended to support the SME segment. The single borrower exposure limit is the equivalent of USD 3.0 million, and the procedure of investment project eligibility verification envisages, among other, a simplified scheme based on a preliminary approved list of eligible equipment.

Mr. Mykola Udovychenko, the Chairman of the Board of JSC Ukreximbank, outlined that the combination of support of both renewable energy projects and small- and medium-sized enterprises in the new program is important for development of the Ukrainian economy in the context of promoting competitive advantage of the SME segment enterprises.