You are using an outdated browser. Please upgrade your browser to improve your experience.

The EIF has signed an agreement with ProCredit Bank in Ukraine to finance innovative companies to the tune of €50 million

The European Investment Fund and JSC “ProCredit Bank” have signed the first agreement in the framework of the project “InnovFin” (EU finance for innovators) – an initiative supported by the European Commission, aimed at raising funds for the development of innovative projects in SMEs.

InnovFin is one of the ways in which loans are guaranteed for innovative SMEs and is financed by the European Union under the Horizon 2020 programme. It will enable ProCredit Bank to increase funding for innovative Ukrainian enterprises on favourable terms.

Commenting on the signing of the agreement, the EIF’s Heinz Olbers said: “The Ukrainian market has great potential and opportunities for growth. While access to finance is the main challenge for Ukrainian SMEs, the InnovFin programme will also prove to be a useful vehicle for them.”

The signing of the InnovFin framework agreement is also an indication of the Ukrainian government’s support for EU reforms, said the EU Ambassador in Ukraine, Hugh Mingarelli: “We in the European community believe that we need to do more to support innovation in Ukraine. Our goal is to raise the standard of living of the population in Ukraine by increasing economic growth. Innovation is a critical requirement for boosting growth.”

InnovFin encourages banks and other financial institutions, with the EU’s financial support, to lend to SMEs (companies with no more than 500 employees) which need investment and/or operating capital to finance research, development and innovation. EIF selects partners from European financial institutions that have expressed interest in acting as a financial intermediary in Ukraine.

Latest news
am az by ge md ua
The European Bank for Reconstruction and Development (EBRD) and the European Union are boosting their support for underserved micro, small and medium-sized enterprises (MSMEs) in eastern Europe, the Caucasus and the southern and eastern Mediterranean region. This includes Armenia, Azerbaijan, Georgia, Moldova, and Ukraine.
EU4Business has published the Citizens’ Summary 2022 for Ukraine with the overview of major results of the previous year.
We are launching a new grant program! UNIC is looking for a motivated Ukrainian business that is ready to open up new opportunities for development through entering international markets or attracting foreign investments!

This site uses cookies to offer you a better browsing experience. Find out more
I refuse cookies
I accept cookies