|Date of loan:||2 Jul 2008|
|Customer:||JSC State Export-Import Bank of Ukraine|
|Amount in USD:||USD 50 million|
|Amount in EUR:||EUR 38 million|
|NACE sector / loan type:||Loan programme|
|Financial institutions and SMEs|
The 8-year-maturity loan facility totalling USD 50 million has been provided to the State Export-Import Bank of Ukraine (Ukreximbank) for financing, in particular, environmental projects in the field of energy efficiency, promoting the reduction of harmful emissions affecting NIB's member countries. NIB and Ukreximbank signed a memorandum of understanding in autumn 2006. Ukreximbank is a state-owned joint stock company established in January 1992.
Compared to the EU-25, Ukraine uses 3.3 times more energy to produce one unit of GDP. Energy is mainly being produced using fossil fuels, which causes significant airborne pollution. The energy saving and reduction of greenhouse gas emissions will largely benefit the country's manufacturing and construction sectors. The introduction of modern technologies in the manufacturing industries will help reduce energy costs and improve the quality of the output.
Given the small to medium scale of the subprojects eligible for this loan programme and the eligible sectors, the environmental impact of the subprojects is expected to be limited and manageable. Ukreximbank has no formal environmental policy, environmental management system or formalised procedures for assessing environmental aspects in their lending activities. Environmental aspects are handled in the bank's normal credit risk appraisal.
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