The European Investment Bank has agreed to provide Raiffeisen Bank Aval (Kyiv) with €12 million in guarantees to support lending to small- and medium-sized enterprises. The decision was approved on 22 December 2017, the EIB announced on its website.
The guarantees are provided as part of the Association Agreement between Ukraine and the European Union, as well as the Deep and Comprehensive Free Trade Area (DCFTA). The total volume of the lending project is expected to reach €140 million.
Raiffeisen Bank Aval was established in 1992. As of 1 January 2017, Raiffeisen Bank International (Austria) owned 68.27% of its charter capital, while other 30% were owned by the European Bank for Reconstruction and Development. According to the National Bank of Ukraine, Raiffeisen Bank Aval ranked fifth in terms of assets among 88 banks operating in the country with $2.36 billion worth of assets.