European Investment Bank allocates 400 million euro to Ukraine for small business development
The European Investment Bank provided Ukraine with a loan of 400 million euros for the development of small and medium-sized businesses. This was announced on Thursday, October 5 by the press service of the Ministry of Finance of Ukraine.
The loan comes in the form of agreements signed by Megabank and Ukrgasbank whereby loan funds will be used to finance investments and small business needs in working capital. Lending is designed for five years with the possibility of further extending the period of use of the EIB's lending resources.
The EIB's money will help diversify the sources of Ukraine's economic growth and create new jobs, help to improve the business climate, and help the Ukrainian small and medium-sized businesses enter the EU market.
The European Investment Bank has assisted Ukraine in the past, providing an earlier 400-million-euro loan for the development of the infrastructure of housing and utilities sector.