Ukrsotsbank to get USD 100 mln of UniCredit EBRD loan

Ukraine’s Ukrsotsbank (USCB) will receive USD 100 mln of a total USD 573.25 mln loan the European Bank for Reconstruction and Development will provide to its parent, Italy’s UniCredit. The loan proceeds are to be directed to facilitate medium and long-term debt and equity financing to support SMEs, lease finance and energy efficiency projects. The remainder of the USD 573.25 mln loan will be distributed to other UniCredit subsidiaries in eight Eastern European countries; Ukraine will see the largest portion of the financing, with Ukrsotsbank’s USD 100 mln component and the USD 25 mln that will be given to UniCredit Leasing Ukraine. The EBRD said its investment is part of its joint pledge with the World Bank and European Investment Bank to provide over EUR 24 bln to support the banking sectors in the region.