The European Bank for Reconstruction and Development (EBRD) is boosting support for Ukrainian exporters and importers by extending trade financing of up to $5.3 million to Piraeus Bank Ukraine (PBU) as part of its Trade Facilitation Program (TFP).
The TFP promotes international trade among countries within EBRD operations, including the Ukraine. As part of the TFP, the bank offers guarantees to other international banks to tackle the political and commercial risks out of international trade transactions. Last year, the program supported more than 1,350 trade transactions worth 1.45 billion euro, according to an EBRD press release.
Cross-border trade promotes integration and helps support and develop regional economies, making them more resilient, competitive and well-governed.
“The signing of the EBRD cooperation agreement is another stage of PBU strategy of financing the Ukrainian real sector of economy and endeavors to increase the volume of export-import operations of our customers,” Sergey Naumov, CEO of Piraeus Bank Ukraine, said in the release. “Participation in the program expands the line of Bank’s credit products for companies in the trade finance field, in particular, import letters of credit, guarantees, other documentary instruments, confirmed by banks with investment ratings.”
The EBRD program has supported more than 2,100 trade transactions in the Ukraine since 1999, according to the release. The EBRD is also the largest international finance investor in Ukraine.
