OREANDA-NEWS  On 10 October was announced, that the European Bank for Reconstruction and Development (EBRD) extended a loan of USD 25 million to Renaissance Credit Ukraine to continue the bank's important work providing consumer credit to customers in Ukraine.

Renaissance Credit Ukraine, the Ukrainian branch of Renaissance Group's consumer finance business, will use the proceeds of the loan for on-lending to individuals in Ukraine in the form of general purpose loans, sales finance and credit cards. The EBRD also intends to support the establishment of a consumer finance association in Ukraine and a centralized credit information bureau. Renaissance Credit Ukraine is actively leading these efforts.

The life of the loan is 39 months, and repayment will occur in eight equal quarterly installments, starting 18 months after disbursement. Other terms of the loan were not disclosed.

"We are delighted that the EBRD has chosen to partner with us to make consumer loans more widely available in Ukraine. The EBRD is respected in Ukraine and throughout Central and Eastern Europe for its work nurturing a new private sector enterprises." said Marek Forysiak, CEO of Renaissance Credit.

"The EBRD aims to improve operating standards—including transparency and disclosure standards—in the Ukrainian consumer finance sector and raise consumer awareness. We believe that Renaissance Credit shares these goals," said Allan Popoff, EBRD Deputy Director for Financial Institutions.