JSB "Ukrgasbank" received EUR 40 million trade finance facility from the EBRD

The EBRD is providing EUR 40 million trade finance facility under the Trade Facilitation Programme (TFP) for JSB "Ukrgasbank" ("Ukrgasbank") to support better access to finance for export-oriented companies, helping sustain the country’s economic recovery and create jobs.  The project will broaden access of companies to trade finance instruments and expand the range of available trade finance products. The project will increase UGB's competitiveness and future investment value through improved business diversity and implementation of good business practices and standards.

“Ukraine’s economy is export-driven and the EBRD’s Trade Facilitation Programme will help us expand foreign trade and support our customers’ international transactions, thus playing a vital role in the country’s economic recovery,” said Kyrylo Shevchenko, Ukrgasbank CEO.  “This new trade-related line is an important step in expanding our cooperation with the EBRD and a key milestone in our broader strategy to transform the bank.”

Through the TFP, the EBRD provides partial or full guarantees for individual trade transactions and covers the payment risk of issuing banks in various countries.  It allows issuing banks to increase the volume and value of trade transactions, with enhanced tenors and access to competitive pricing terms.

“By joining the EBRD Trade Facilitation Programme, Ukrgasbank will become better integrated into the regional and global economy through the development of stronger trade links and relationships between companies and banks in the EBRD’s region of operations and beyond. The TFP promotes international trade to, from, and within the EBRD countries of operations, including Ukraine,” said Henry Russell, the EBRD Director for Financial Institutions in the Western Balkans, Belarus, Moldova and Ukraine.