EIB boosts SMEs in Ukraine with €30m credit line to Pravex

The European Investment Bank and Pravex Bank have signed a €30 million credit line to support Ukrainian private sector businesses, with a focus on SMEs impacted by the coronavirus pandemic. The operation is a part of Team Europe’s overall response to the COVID-19 crisis aiming to support a sustainable social and economic recovery in the region. SMEs are the backbone of the Ukrainian economy as they account for over 90% of local businesses, contribute more than 50% of GDP, and employ about 60% of the working population.