Yuriy Draganchuk: Implementation of business support projects is an integral part of financial sector development in wartime

On June 27, Deputy Minister of Finance of Ukraine for European Integration Yuriy Draganchuk held a working meeting with representatives of the German Corporation for International Cooperation (GIZ).

The participants of the meeting focused on discussing the existing mechanisms of support for small and medium-sized enterprises in Ukraine, as well as the Government's plans and priorities for development in this area. 

Yuriy Draganchuk thanked the GIZ representatives for supporting Ukraine in the context of a full-scale war and emphasized the importance of stimulating economic development by supporting Ukrainian business: 

"Implementation of business support projects is an integral part of the development of the financial sector in wartime. The Government of Ukraine, in particular the Ministry of Finance, continues to implement programs for business growth and attract the assistance of international partners. We are focused on providing affordable concessional financing that will allow businesses to prepare for the 2024-2025 heating season in a timely manner. I am convinced that our further cooperation will help make the process of business development in Ukraine more efficient and timely."

Key SMEs support initiatives are implemented by the Business Development Fund. Since the beginning of 2022, the Ministry of Finance, together with the Fund, has developed and implemented a number of new projects and programs to support SME financing totaling almost EUR 800 million.

Germany's contribution to the support of small and medium-sized enterprises was also noted. With the support of the German Development Bank KfW, two BDF projects are being implemented with a total of EUR 17.4 million. The initiatives are aimed at supporting SMEs by providing concessional loans to Ukrainian businesses and individual entrepreneurs, in particular to finance investments in energy efficiency and renewable energy.

Additional Information 

The Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH has been working in Ukraine since 1993 on projects such as public administration reform, sustainable economic development, energy efficiency and climate change mitigation.

Since February 2022, GIZ has been supporting Ukraine on three levels: helping to provide the population with basic necessities such as electricity, medicine and housing; contributing to the country's reconstruction efforts; and continuing to advise on reforms that bring Ukraine closer to the EU.

GIZ provides advisory support on the application of EU energy efficiency directives. In this way, it helps communities to rebuild buildings and businesses destroyed and damaged during the war in accordance with current EU standards.