EFSE and Ukreximbank join forces to boost MSME financing in Ukraine with EU support

Kyiv, 21 April 2026 – The European Fund for Southeast Europe through its Ukraine Sub-Fund (EFSE USF) is scaling up its engagement in Ukraine by signing a EUR 20 million equivalent in UAH loan agreement with Ukreximbank to strengthen the resilience and recovery of Ukrainian micro, small and medium-sized enterprises (MSMEs) through increased access to finance and enabling grants.  

Leveraging dedicated first-loss capital from the German Government and the European Commission, EFSE USF is able to take a more targeted risk approach, act with greater flexibility, and scale its support in response to the economic and social impact of Russia’s war against Ukraine.

Building on the recent EUR 55 million support from the European Commission, EFSE USF extends a five-year EUR 20 million equivalent in UAH loan facility to Ukreximbank to increase lending to MSMEs operating under wartime conditions and support business continuity, investment, and job preservation.  With this investment, EFSE USF reaffirms its commitment to expanding access to finance to MSMEs across the country in wartime conditions.  

The loan facility is complemented by dedicated financing-linked MSME grants, aimed at supporting business recovery, resilience and competitiveness. The combined package is expected to enable more than 400 sub-loans and support over 7,000 jobs across Ukraine.

Jasminka Begert, Portfolio Manager of EFSE, said:  
“Ukraine’s recovery is built by its entrepreneurs - yet long term local currency finance remains in short supply. This investment reflects EFSE USF’s long-term commitment to keeping businesses operating and resilient, combining dedicated financing with tailored grants and technical support to help them adapt, safeguard jobs and stay economically active.” 

Viktor Ponomarenko, Chairman of the Management Board of Ukreximbank JSC, commented: “This agreement with EFSE is an important step in strengthening our support for Ukrainian micro, small and medium-sized enterprises. Ukrainian entrepreneurs are demonstrating extraordinary resilience, keeping businesses running and supporting communities even under wartime conditions. This partnership expands access to more predictable hryvnia financing for MSME, so they can maintain operations, invest, and cover working capital needs with greater confidence. Reliable local currency funding helps reduce uncertainty and allows companies to plan ahead. Ultimately, this is about preserving jobs and sustaining economic activity across Ukraine.”

Katarína Mathernová, Ambassador of the European Union to Ukraine, added:
“The European Union’s €55 million contribution to the European Fund for Southeast Europe, in partnership with KfW, is helping channel vital financing to the businesses that need it most—protecting jobs and enabling future investment. This support, delivered in cooperation with Germany, reflects the European Union’s long-term commitment to Ukraine’s recovery and European path.”

Jens Busma, Head of Cooperation, German Embassy Kyiv, said: “Supporting the MSME sector in Ukraine is a key priority of the German Government. Further strengthening this sector through the EFSE Ukraine sub-window, in cooperation with the private sector, is of utmost importance for the country’s economic development and sustainable reconstruction. For recovery and reconstruction during and post-war to be successful, a strong role of the private sector is pivotal” 
 

About EFSE
The European Fund for Southeast Europe (EFSE) is an impact investment fund to drive economic development and prosperity in Southeast Europe and the Caucasus. Through its two sub-funds—the Regional Sub-Fund (RSF) and the Ukraine Sub-Fund (USF)—EFSE provides tailored financial solutions to foster entrepreneurship, strengthen financial inclusion, and support local economies. EFSE was initiated in 2005 by KfW Development Bank with the financial support of the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Commission. As the first public-private partnership of its kind, EFSE draws its capital from donor agencies, international financial institutions, and private institutional investors. Finance in Motion GmbH, Germany, serves as EFSE’s Portfolio Manager and Hauck & Aufhäuser Fund Services S.A., Luxembourg, acts as manager.  

For more information on the European Fund for Southeast Europe, please visit: www.efse.lu  

 

About Finance in Motion
Finance in Motion structures, manages, and advises almost €4 billion across 10 funds, all classified as SFDR Article 9. These private market funds drive impact for people and planet through regional financial intermediaries, direct investments, advisory and capacity building. Founded in Germany, with local expertise from Latin America to Eastern Europe, it has been investing in emerging markets for over 20 years.  
For more information, please visit: www.finance-in-motion-com     

 

About Ukreximbank
Ukreximbank is Ukraine’s state bank and a leading financier of businesses and critical sectors, channeling capital into projects that deliver a strategic impact on the country’s recovery and long-term growth. The Bank is steadily expanding cooperation with international financial institutions and leading export credit agencies, providing guarantees and project finance that reduce risk and help Ukrainian companies access global partners and markets. Ukreximbank continues to scale up lending and a full range of banking services for corporate clients and mid-sized businesses, particularly those engaged in export-import operations and other priority industries, as well as for other banks. A dedicated focus is also placed on deeper cooperation with municipalities and financing regional needs, strengthening community resilience and supporting infrastructure development.

 

About Ukraine Facility 
The European Union’s Ukraine Facility is a €50 billion instrument for 2024–2027 designed to support Ukraine’s macroeconomic stability, recovery, and reconstruction, while advancing key reforms for EU accession. It enables Ukrainian businesses to continue operating, safeguard jobs, and invest through EU-backed risk-sharing, local currency lending, and grant support for MSMEs. Through partnerships with KfW, EFSE, and Ukreximbank, the EU translates its commitments into practical financing that directly supports the Facility’s objectives.
 

Media Contact

Ukreximbank: Luiza Yaremenko
Head of PR
Email: LYaremenko@eximb.com
Phone: 380639828181

EU Delegation to Ukraine: delegation-ukraine@eeas.europa.eu