Luxembourg and Lviv, 12 October 2023 – The European Fund for Southeast Europe (EFSE) announces the official signing of a new EUR 4 million equivalent in UAH senior facility with Bank Lviv, a leading regional bank in Western Ukraine. This significant investment is provided in unprecedented times, when the country is facing Russia’s war of aggression, and demonstrates EFSE‘s unwavering commitment to reinforcing the resilience of its partner lending institutions and their micro, small and medium enterprise (MSME) clients.
Bank Lviv, with its extraordinary dedication to continuously support MSMEs, despite all the adversities and challenges has been an a trusted and reliable EFSE partner lending institution since December 2020. The partnership supports a transformative institutional development through the provision of complementary technical assistance (TA) provided by the EFSE Development Facility (EFSE DF), helping the Bank preserve and reinforce its operations and ensure service continuity to its clients.
EFSE Board Chairperson Dr. Klaus Müller said, "In these tumultuous times, it's imperative to fortify institutions like Bank Lviv that have a commendable track record of actively supporting MSMEs. Our unwavering commitment to our Ukrainian partners and the nation as a whole remains stronger than ever. We are dedicated to preserving and amplifying the resilience of local MSMEs that are instrumental in maintaining and reinforcing the country’s economic viability.”
Ashot Abrahamyan, Chairman of the Board of Bank Lviv, added, “Ukrainian businesses show steady resilience, they continue to grow, invest, and require financing. We see demand from all industries, and unlike to previous year there are many requests not only for working capital, but for investment loans – which is a very positive sign. Most of the lending is expected in local currency, and with today signing of UAH loan facility with EFSE we will be able to provide in time much needed financing to local businesses in western regions of Ukraine.”
About EFSE
An impact investment fund established in 2005, the European Fund for Southeast Europe (EFSE) aims to foster economic development and prosperity in Southeast Europe and the Eastern Neighbourhood Region by investing in the success of micro and small enterprises as well as improved living conditions for private households. As access to financial services is key to developing this segment, EFSE focuses on helping local financial sectors strengthen their ability to provide responsible financing for this target group. Alongside its investment activities through local partners, EFSE multiplies its impact through the EFSE Development Facility, which provides technical assistance, training, and other nonfinancial support to entrepreneurs and institutions. The fund’s impact management system, through its advisor Finance in Motion, underwent an independent verification by impact auditor BlueMark affirming strong Operating Principles for Impact Management alignment in 2021.
EFSE was initiated by KfW Development Bank with the financial support of the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Commission. As the first public-private partnership of its kind, EFSE draws its capital from donor agencies, international financial institutions, and private institutional investors.
Finance in Motion GmbH, Germany, serves as EFSE’s advisor and Hauck & Aufhäuser Fund Services S.A., Luxembourg, acts as manager.
For more information on the European Fund for Southeast Europe, please visit: www.efse.lu
For more information on Finance in Motion, please visit: www.finance-in-motion.com
About Bank Lviv
Founded in 1991, Bank Lviv has built a strong reputation as a reliable regional player with solid governance and risk management, international European shareholders, and high priority on transparency and trust. Bank Lviv is a specialized provider of banking services to MSMEs and agricultural businesses, with a focus on tailor-made financing and committed customer care. It is also developing into a bank of choice for private households who are seeking a local bank which offers simple products and high service quality. Bank Lviv maintains its regional focus on Western Ukraine while further building its market position in an increasingly dynamic economic environment.
For more information on Bank Lviv, please visit: www.banklviv.com
Media contact EFSE
Louise Daruwalla-Nielsen
Marketing & Communications
Email: press@efse.lu
Phone: +352 691 336 439
Media contact Bank Lviv
Anna-Maria Romanchuk
Marketing Director
Email: romanchuk@banklviv.com
Phone: +380 63 073 81 38
