State-controlled Oschadbank (Kyiv) has attracted credit resources from the German-Ukrainian Fund (GUF) in the amount of EUR8 million and UAH 50 million to finance micro, small and medium-sized businesses.

According to a bank press release, the parties signed the relevant credit agreements within the framework of the memorandum on strategic partnership and cooperation on March 28. The bank will use the credit resources to finance business entities that carry out activities in the production sector, agriculture, energy efficiency, and render services.

The GUF programs are aimed at supporting the real sector of the economy and creating new jobs. These programs foresee the issue of loans for investment needs for up to five years and replenishment of working capital for up to three years at interest rates below the market average.

The German-Ukrainian Fund was established in 1999. Its founders are the National Bank of Ukraine, the Ministry of Finance of Ukraine and KfW.

Oschadbank was founded in 1991. Its only owner is the state.