OREANDA-NEWS. December 29, 2011. Joint Stock Company the State Export-Import Bank of Ukraine will obtain USD 150mn for the period of up to 30 years from the World Bank for the further development of the Ukrainian private sector export capacity.

On December 21, 2011, the Verkhovna Rada of Ukraine adopted the Law on Ratification of the Guarantee Agreement (Additional Financing for the Second Export Development Project (EDP-2)) between Ukraine and the International Bank for Reconstruction and Development (the IBRD). The main purpose of the additional loan is to provide medium and long-term working capital and investment finance to private export-oriented enterprises through both Ukreximbank and eligible Ukrainian commercial participating banks. The additional funds will be directed to enhance the production output and export of goods and services.

According to Mr. Mykola Udovychenko, the Chairman of the Board of JSC Ukreximbank, the ratification of the additional financing under EDP-2 highlighted the successful implementation of the international financial institution’s programs in Ukraine. Since the financial resources have been directed to the real sector of economy, the EDP-2 is particularly effective as additional investments would increase competitiveness of the export-oriented entities and enhance the economic growth of Ukraine.

The choice of Ukreximbank as the direct borrower and the manager responsible for the Project implementation was stipulated by its longstanding experience of successful cooperation with the World Bank in Export Development Project (1997-2004) and Export Development Project-2 (2006-current day).