Canada will finance Ukraine’s rural population’s business initiatives, and Piraeus Bank will support Ukrainian SMEs along with the DFC.

The Ministry of Agrarian Policy, the Canadian NGO SOCODEVI, and the Dnipropetrovsk Regional Public Organization will cooperate to develop entrepreneurship for the rural population that has been affected by hostilities. The parties agreed on potential cooperation in the field of agriculture and the implementation of the WeProsper project. The signed memorandum provides for increasing the involvement of agricultural producers in entrepreneurial activities in the Poltava, Dnipropetrovsk, Zaporizhzhia, and Mykolaiv regions. The project will be implemented through financial support from the Government of Canada through the provision of a grant.

Meanwhile, Piraeus Bank has signed an agreement with the US International Development Finance Corporation for a $20M portfolio guarantee. This will allow for up to $25M in lending for up to 10 years to small and medium-sized Ukrainian businesses. The main emphasis is on supporting the agricultural sector, which is critically important for the country’s economic stability. As part of the agreement, DFC will cover 80% of credit risk, significantly increasing opportunities for businesses to obtain financing.