Credit Agricole Ukraine signed a 40 million EUR risk-sharing agreement with IFC, supported by the EU

December 15, 2023, Credit Agricole Ukraine signed a 40 million EUR in hryvnia equivalent risk-sharing agreement with IFC, supported by the European Union to empower Ukrainian business. This will enable the bank to support investments of micro, small and medium-sized enterprises (SMEs), crucial for the country’s economic resilience, in particular agriculture.

The agreement was signed by Carlos de Cordoue, Chairman of the Management Board of Credit Agricole Ukraine, IFC was represented by Alfonso Garcia Mora, IFC’s Regional Vice President for Europe, Latin America, and the Caribbean. Michel Le Masson, Head of International Banking Development division of Credit Agricole S. A was also present.

This transaction comes under IFC's Small Loan Guarantee Program, supported by the European Commission via the European Fund for Sustainable Development. The project is a part of IFC’s $2 billion Economic Resilience Action program to support Ukraine’s private sector.

"Ukraine's economic strength pivots on robust support for its entrepreneurs and strengthening financial avenues for SMEs is essential," said Alfonso Garcia Mora, IFC’s Regional Vice President for Europe, Latin America, and the Caribbean. “IFC’s dedication to supporting Ukraine’s private sector remains unwavering, fuelling our collective efforts toward enduring economic resilience."

Katarna Mathernova, Ambassador of the European Union to Ukraine said: “As the backbone of the Ukrainian economy, small and medium size enterprises play a key role in recovery, reconstruction and modernization efforts. With this new risk-sharing facility, the EU is stepping up its support to address the needs of Ukraine’s businesses and boost investment in the country.”

Credit Agricole Bank is the oldest foreign bank in Ukraine providing the entire range of banking services, is strategic partner to agribusiness. In 2023 the bank is recognized as the best bank in cash management in Ukraine according to the international finance magazine Euromoney.

“As a reliable financial partner for business, Crédit Agricole has mobilised to support its clients from the first days of the wartime. We are active participants of state programmes to provide affordable financing to businesses, and as of today, we will offer our business clients the opportunity to benefit from our common loan programme with IFC. We believe this programme will help preserve jobs, boost exports and support small and medium-sized enterprises”, said Carlos de Cordoue, Chairman of the Management Board of Credit Agricole Ukraine.

About IFC

IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.

About Credit Agricole Ukraine

Credit Agricole Ukraine is the oldest foreign bank in Ukraine providing the entire range of banking services, is strategic partner to agribusiness, corporate clients and one of the leaders in the car loan market. The bank belongs to the international Credit Agricole Group (France), the European leader in bank assurance and asset management and a major partner of the French economy. Since March 2023, the bank has been included in the list of systemically important banks, which indicates the importance of Credit Agricole for the Ukrainian economy. The bank is among the TOP-10 in the Ukrainian market according to the amount of net assets.

Even in war time Credit Agricole Ukraine continuous stable work, providing services for customer and contribute to Ukrainian economy. Being a socially responsible bank, the bank has allocated UAH 92 million to charity since the war started.

About Credit Agricole Bank

JSC Credit Agricole Bank is a wholly owned subsidiary of Credit Agricole SA, a listed bank on the Euronext Paris stock exchange and a member of the Credit Agricole Group, one of the largest financial groups in Europe. The Group’s operations encompass a wide range of banking and financial services including retail, corporate, and investment banking; asset management; and insurance. It is present in more than 46 countries worldwide, serving 53 million customers through 8,700 branches and 145,000 employees. In Ukraine more than 20 percent of CAU’s loan book is marked for SMEs, and half of the Bank’s loan book is directed to agriculture.

For more information visit: https://www.credit-agricole.com/en.