Last week the European Investment Fund (EIF), a EU-backed organization supporting small and mid-sized businesses across the continent, announced a partnership with Ukraine’s ProCredit Bank to bring financial support to Ukrainian innovative SMBs and mid-caps.
The agreement is supported by the guarantee facility of InnovFin – EU finance for Innovators, with the financial backing of the European Union under the Horizon 2020 funding program.
According to the agreement, ProCredit Bank Ukraine will provide EU-guaranteed loans to innovative companies in Ukraine over the next two years. This support is expected to generate a portfolio of €50 million in bank loans.
“The deal signed today will support Ukraine’s economy, and it is a testimony to the productive relationship between the EU and Ukraine under Horizon 2020, the EU’s research funding programme,” stated Carlos Moedas, European Commissioner for Research, Science and Innovation.
“As one of the leading Hausbank(s) for small and medium-sized enterprises in Ukraine, we know that modern technology, innovative thinking and environmental orientation are key factors for future development. This programme will significantly increase our capacity to finance innovations and expand opportunities for local businesses that plan to invest in development,” commented ProCredit Bank CEO Victor Ponomarenko.
