President approves ratification of agreement with IBRD for lending to small and medium-sized businesses

This was reported by the press service of the head of state.

"President Petro Poroshenko signed the Law of Ukraine" On Ratification of the Guarantee Agreement (Draft Access to Long-Term Financing) between Ukraine and the International Bank for Reconstruction and Development (IBRD)"adopted by the Verkhovna Rada on April 5," the statement reads.

The agreement creates a legal framework for the development of cooperation between the parties, attracting long-term investment resources to the economy of Ukraine in the amount of $150 million under state guarantees. The document provides for Ukreximbank to receive loans from the International Bank for Reconstruction and Development to provide Ukrainian SMEs with medium- and long-term financing of production needs, including investment lending and working capital financing.

Implementation of this project will have a positive impact on the development of small and medium-sized enterprises, expansion of production capacities, real sector, preservation of existing jobs and creation of new jobs, the press service noted.

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