PM Shmyhal: ‘Affordable loans at 5-7-9%’ to be extended for next year

Prime Minister of Ukraine Denys Shmyhal has stated that the government program “Affordable loans at 5-7-9%” will be extended for the next year.
He stated this at a meeting with representatives of the American Chamber of Commerce (ACC), the Government portal reports.

"The program has been gathering pace rather long. But now it is proving its value. At business meetings, we are asked to continue the program and there are objective reasons for that. Many people received loans only in September, and having them for 2-3 months – it is ineffective. Accordingly, we have already planned a resource for this purpose in the draft state budget for 2021. Businesses will be able to take loans for investment and development, as well as for refinancing," the prime minister said.

He reminded that the UkraineInvest team had presented a new investment guide. "It includes information that is of interest to investors about each sector of the Ukrainian economy in an electronic form. We will continue to fill it, it will be updated quarterly," Shmyhal said.

At the same time, the government is working on facilitating business on the indicators that form the Doing Business ranking, and implementing the "structural beacons" envisaged in the programs of Ukraine's international financial partners.

The prime minister also named the National Economic Strategy 2030 as another step to improve the investment attractiveness of Ukraine.

"We are forming a vision and steps; we conduct an audit of the state in order to form the first ten-year strategy in the history of Ukraine by the end of this year. We will do it publicly with the involvement of associations, experts and business representatives," Shmyhal stressed.

He also noted that consultations with experts on the creation of a stock market in Ukraine had already begun and said he expects that ACC representatives would join this process. "I am convinced that with the involvement of international experts we will develop this topic and will create a stock market in a year," said Shmyhal.

As reported, the Cabinet of Ministers approved a resolution to launch the program "Affordable Loans at 5-7-9%" from February 1, 2020.

On April 15, the Cabinet of Ministers increased the maximum amount of loan under the program to UAH 3 million, and also expanded the list of investment purposes for which these loans could be granted.

Loans provided under the government program ‘Affordable Loans at 5-7-9%’ are available in Oschadbank, Ukrgasbank, PrivatBank, Ukreximbank, Bank Lviv, FUIB, Bank Alliance, Kredobank and some other banks.