The European Fund for Southeast Europe (EFSE) is providing Piraeus Bank with a senior loan facility in Ukrainian hryvnia equivalent to EUR 12 million. The investment will support Piraeus Bank to expand its lending to agricultural SMEs across the country, contributing to business and economic recovery in Ukraine amid the still fragile operating environment due to the coronavirus.
Piraeus Bank, which has just recently become an ESFE partner lending institution, is a subsidiary of Greece-based Piraeus Bank Group S.A.. In Ukraine, Piraeus Bank focuses on serving top-tier SMEs operating in the agriculture, processing, trade, and manufacturing sectors.
According to Yannis Kyriakopoulos, Chairman of the Management Board of Piraeus Bank, “Servicing and financing the needs of small and medium-sized businesses has been our core strategy. We are honored by the trust EFSE has shown in our bank and the quality they bring to our funding profile. We are fully aligned with their mission of fostering economic development and prosperity in Southeast Europe and the Eastern Neighborhood Region.
EFSE Board Chairperson Klaus Müller said, “We are particularly pleased to kick off our new partnership with Piraeus Bank to strengthen the financial infrastructure that provides entrepreneurs with solid footing in turbulent times. This reinforces EFSE’s commitment to foster local currency lending in Ukraine and specifically to agricultural businesses as part of EFSE’s mission to support economic development and prosperity in the regions it serves.”