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Ukraine : EBRD and NBU agree swap facility to support Ukrainian businesses
Publish Date : 08-May-2020
- EBRD and National Bank of Ukraine agree US$ 500 million swap facility
- Local currency loans will be available to new and existing clients
- Financing set to mitigate economic impact of coronavirus pandemic
The European Bank for Reconstruction and Development (EBRD) and the National Bank of Ukraine (NBU) have agreed to set up a US$ 500 million swap facility to increase the availability of Ukrainian hryvnias (UAH) to local businesses impacted by the coronavirus pandemic.
The USD-UAH swap facility will enable the EBRD to secure reliable access to UAH liquidity and provide local currency loans to new and existing clients. The funds will be used to support companies urgent liquidity, short-term working capital and trade finance needs, while at the same time limit currency exchange related risks.
The parties are expecting to execute the first transaction under the swap facility in the next few weeks.
The EBRD has launched a response and recovery programme addressing the coronavirus crisis and now expects the entirety of its investments in the period 2020-21 of up to €21 billion to be dedicated to this effort.
The EBRD is the largest international financial investor in Ukraine. To date, the Bank has made a cumulative commitment of almost €15 billion through 466 projects in the country.
