Ukrgasbank Receives €10 Million from EFSE to Launch MSME Financing Program with Grant Component

Ukrgasbank has received the first disbursement of €10 million from the European Fund for Southeast Europe (EFSE) under a €20 million credit facility agreement signed in June 2025. The financing will support the launch of a new program aimed at expanding access to finance for Ukrainian micro, small, and medium-sized enterprises (MSMEs) in the context of economic recovery.

The program provides local-currency (UAH) investment loans to MSMEs for projects focused on business recovery, growth, and modernization. A distinguishing feature of the facility is the integration of a grant component alongside EFSE financing. The grant component primarily targets agricultural producers in the MSE segment, acknowledging their essential role in contributing to national food security and export capacity.

In addition, a dedicated window is available for enterprises directly affected by the war, particularly those requiring urgent restoration of production facilities and operational assets.

The program also supports capital investments in modernization, including the reconstruction and upgrading of production facilities to enhance long-term sustainability and operational resilience. Eligible investments extend to logistics and transport infrastructure, including the repair or replacement of damaged vehicles and equipment used for goods transportation and public or commercial transit services.

Through this facility, Ukrgasbank aims to improve access to finance for businesses operating in regions most affected by the war, while also promoting inclusive entrepreneurship. Priority is given to highly affected businesses, including MSMEs owned or managed by women, youth, and veterans.

“This financing provides an immediate and practical tool to support the recovery of Ukrainian MSMEs,” said Rodion Morozov, Acting Chairman of the Management Board of Ukrgasbank. “By combining credit with grant support, the program enables businesses not only to resume operations, but also to invest in structural modernization and long-term resilience.”

“Collaborating with Ukrgasbank supports EFSE USF’s mission of strengthening MSME viability, business continuity, and resilience amid wartime, while contributing to a sustainable, inclusive, and growth-oriented recovery in Ukraine” emphasized Jasminka Begert, EFSE Portfolio Manager at Finance in Motion.

Building on its experience in sustainable and impact-oriented finance, Ukrgasbank’s partnership with the EFSE Ukraine Sub-Fund is designed to contribute to inclusive economic recovery, support job creation and retention, and strengthen the long-term viability of Ukraine’s private sector.

Leveraging UGB’s long-standing expertise in sustainable development, this partnership with the EFSE Ukraine Sub-Fund aims to drive inclusive economic recovery, preserve and create jobs, and strengthen the long-term stability of Ukraine's private sector.
 

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 Asset Management S.à r. l., Luxembourg, 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 11 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 Ukrgasbank
UGB is one of Ukraine’s leading state-owned banks, operating across all business segments with a strong focus on sustainable finance. As a frontrunner in sustainable banking, UGB actively supports initiatives related to energy efficiency, clean energy, and environmentally responsible business practices. The bank plays a pivotal role in facilitating access to financing for enterprises, including small and medium-sized businesses throughout Ukraine. UGB maintains close partnerships with international financial institutions to attract on soft terms funding for supporting the growth and resilience of the Ukrainian economy.

30.01.2026