Sayenko Kharenko acted as legal counsel to the European Bank for Reconstruction and Development (EBRD) on providing a four-year UAH-denominated loan equivalent to USD 25 million PJSC ProCredit Bank Ukraine.<\/p>\n
For the EBRD this is one of the first UAH-denominated loans to a commercial bank in Ukraine as well as the first synthetic local currency facility hedged through a cross-currency swap with the\u00a0TCX fund. This mechanism will allow providing Ukrainian SMEs with lending in local currency. Grant funding provided through the\u00a0EU Neighbourhood Investment Facility\u00a0will help reduce the interest rate cost of the foreign exchange (FX) risk hedge in order to achieve better cost of funding in Hryvnia.<\/p>\n
Partner Nazar Chernyavsky commented: \u201cThe growth of the SME sector is crucial for any modern economy. Local currency funding will help by providing small and medium-sized enterprises in Ukraine with affordable financing. This will boost lending and fuel Ukraine’s economic recovery.\u201d<\/p>\n
The EBRD is the largest international financial investor in Ukraine. To date, the Bank has made a cumulative commitment of almost EUR 12 billion through 384 projects since the start of its operations in the country in 1993.<\/p>\n
Sayenko Kharenko\u2019s team advising on the transaction included counsel Anton Korobeynikov, junior associates\u00a0Glib Bukharin, Vira Pankiv and Oles Trachuk, and was led by partner Nazar Chernyavsky.<\/p>\n
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Sayenko Kharenko enjoys global reputation as a leading Ukrainian law firm with an internationally oriented full-service practice. The firm\u2019s leading market position builds on continuous excellence of its highly specialized practice teams. In 2017, Sayenko Kharenko collected three of the most prestigious professional excellence country awards, more specifically, Law Firm of the Year by each of IFLR European Awards, Who\u2019s Who Legal Awards and Legal Awards.<\/em><\/p>\n To learn more about Sayenko Kharenko\u2019s expertise and experience, please contact<\/strong><\/p>\n Alina Mikina<\/p>\n PR Manager<\/p>\n T: +380 44 499 6000<\/p>\n