OREANDA-NEWS. May 31, 2011. JSC Ukreximbank is coordinating additional USD150mln to further implement the World Bank’s Second Export Development Project (EDP2), recognized one of the most efficient projects in Ukraine by World Bank experts, reported the press-centre of Ukreximbank.

On May 11, the Cabinet of Ministers of Ukraine resolved on expediency of additional export development financing against the sovereign guarantee.

The funds under the EDP2 will be provided for the period up to 30 years to facilitate investment projects of the Ukrainian exporters as well as for working capital finance.

Similar to preceding projects, JSC Ukreximbank is the direct borrower of the World Bank funds, responsible for the Project implementation and bearing all credit risks. According to the agreement with the World Bank, Ukreximbank will provide medium and long-term financing to the Ukrainian exporters, who meet eligibility criteria by financial soundness and environmental standards, and develop exports of the Ukraine-originated goods and services to external markets.

Mr. Mykola Udovychenko, the Chairman of the Board of JSC Ukreximbank, outlined the unanimous Government support of the Loan provision by the World Bank to favor the development of the Ukrainian exports. Chairman Udovychenko emphasized that this constituted a new turn in the successful cooperation track record with the World Bank dating back to mid-1990’s, directed to support export-oriented and import- substituting real sector entities.

Mr. Marius Vismantas, the World Bank Private and Financial Sector Coordinator for Ukraine, Belarus, and Moldova, in his part welcomed the Ukrainian Government’s positive decision and admitted that the World Bank continually facilitates Ukraine export and financial sectors, including under joint long-term efficient cooperation with JSC Ukreximbank. Mr. Vismantas remained assured of positive prospects of effective funds utilization for the balance of payments of Ukraine in general and for the Ukrainian corporates in particular.

This Project is expected to continue positive tendencies stemming from previously-implemented export development projects by the JSC Ukreximbank jointly with the World Bank.