UkrSibbank wins credit line

UkrSibbbank in the Ukraine has attracted a US$50mn credit line from the European Bank for Reconstruction and Development (EBRD) to support its small and medium-sized enterprise (SME) long-term lending activities.

The loan aims to help the bank increase its share of the SME loan portfolio and well as better support the needs of the Ukrainian SME sector.

The European Union is providing technical assistance alongside this project, funding specialist advice in small business-lending practises.

"Improved access to finance for SME sector, which traditionally have had limited access to long-term funding, is expected to have a positive effect on the overall economic situation especially with funds being directed to the regions,” comments Oleksandr Adarich, chairman of the Board of UkrSibbank.

UrkSibbank is the third largest bank in the Ukraine. It was founded in 1989, and then in 2006, BNP Paribas secured a 51% stake in the bank.