The FINANCIAL — For the first time in the history of Ukraine, Raiffeisen Bank Aval has offered the International Finance Corporation (IFC) a loan in the national currency.
The loan sized UAH 400 million has been issued by the bank for 8 years. IFC will use these funds for financing investments projects of Ukrainian companies, according to Raiffeisen Bank.
Earlier, the Corporation has been providing a financial support to Ukrainian companies only in a foreign currency. Recently, the National Bank of Ukraine has permitted international financial institutions to give hryvnia loans to clients.
“We are making efforts to extend an access to so much needed funding for Ukrainian companies and lengthening its term on the market. Our first hryvnia loan has been already given to Auchan Retail. We are ready for further providing of financial products in the national currency that will be customized to individual needs of clients. This is an important part of IFC’s wide-scale activity in Ukraine, which is aimed at supporting the private sector development and creating new opportunities for Ukrainian companies”, said Jason Pellmar, Head of IFC Regional Office in Ukraine and Belarus.
“We are sure that this is a notable and much awaited agreement for Ukraine, which will extend Ukrainian companies’ chances to get long-term funding in the national currency. Our bank is pleased to cooperate with IFC also in this important sphere of supporting the real sector of the economy”, noted Victoria Masna, Head of Financial Institutions Relations Department of Raiffeisen Bank Aval.
Raiffeisen Bank Aval has been successfully cooperating with IFC in a number of projects since 2004.