You're reading: Government approves state guarantees on $150 million IBRD loan to Ukreximbank

The Cabinet of Ministers at a meeting on Feb. 14 approved state guarantees for a $150 million loan issued by the International Bank for Reconstruction and Development (IBRD) to Ukreximbank.

“These funds will be used to support small and medium-sized businesses when entering export markets. This is our priority and this is a practical instrument that businesses will use,” Finance Minister Oleksandr Danylyuk said during the meeting.

Having considered the issue, the government decided to adopt a resolution defining the conditions and cost of the guarantees, as well as a draft regulation on completion of negotiations with the EBRD.

Ukreximbank was founded in 1992. Its sole owner is the state.

The bank ranked third among 93 banks operating in the country as of Jan. 1 in terms of assets (Hr 160.304 billion), according to the National Bank of Ukraine.