The DFC helps Piraeus Bank to unlock $25M in new bank lending to Ukrainian SMEs.

Small and medium-sized enterprises (SMEs) are the backbone of Ukraine’s economy, creating jobs and providing much-needed goods and services. Because of the war, commercial lending in Ukraine has become more risk-averse, and SMEs lack access to the financing needed to continue operations and expand. This financing need is particularly acute in the country’s agricultural sector, which has sustained more than $80B in damages and other losses since the war began.

According to the DFC’s Director of International Project Finance, John Didiuk, the DFC’s latest commitment to Ukraine, a $20M loan portfolio guarantee for Piraeus Bank in Ukraine, will unlock $25M in new bank lending for Ukrainian SMEs, primarily in agriculture, to promote economic activity and growth.

The Chairman of the Board of Piraeus Bank in Ukraine, Ioannis Kyriakopoulos, said, “Despite challenging times, our commitment to strengthening food security and addressing climate change remains steadfast. We aim to empower farmers with all necessary financial support to continue their essential work, demonstrating resilience even amidst adversity.”