21 Dec 2023 16:16

IFC to cover Credit Agricole Bank's credit risks on SME loans for 40 mln euros

MOSCOW. Dec 21 (Interfax) - Ukraine's Credit Agricole Bank signed a risk-sharing agreement for 40 million euros in hryvnia equivalent with the International Finance Corporation (IFC) under the IFC Small Loan Guarantee Program on December 15 in order to expand opportunities for Ukrainian businesses, Ukrainian media reported, citing the bank's statement released on Thursday.

"This will enable the bank to support investments of micro, small and medium-sized enterprises (SMEs), crucial for the country's economic resilience, in particular agriculture," the statement said.

The agreement was signed under the IFC Small Loan Guarantee Program, which is supported by the European Commission via the European Fund for Sustainable Development, it said. The project is a part of IFC's $2 billion Economic Resilience Action program to support Ukraine's private sector.

As of October 1, 2023, Credit Agricole Bank ranked 11th in terms of total assets (UAH 100.36 billion) among 63 banks operating in the country and has 141 offices, the National Bank of Ukraine said. France's Credit Agricole SA fully owns the bank.