The EIB will provide €16M to Piraeus Bank in order to finance small and medium-sized enterprises in Ukraine.

The European Investment Bank (EIB) will provide a partial portfolio guarantee of €16M to Piraeus Bank (Kyiv) under the EU4Business II program to expand financing for micro, small, and medium-sized enterprises (SMEs) in Ukraine.

“International financial institutions continue to stand firm in supporting Ukraine by providing vital guarantees and financing to create a safer, more resilient future for its economy and businesses,” said Yannis Kyriakopoulos, Chairman of the Board at Piraeus Bank Ukraine.

Such guarantees open new opportunities for Ukrainian banks to lend to SMEs, especially in the areas of sustainable development and green investment, he added.

In addition, the EIB and state-owned Ukreximbank have signed a letter of intent regarding a financing agreement within the framework implementation of the Economic Resilience Support Program II project for a total amount of €100M to finance small and medium-sized businesses, particularly in the field of energy efficiency and green technologies. The agreement is expected to facilitate long-term financing on favorable terms for Ukrainian businesses.