The European Bank for Reconstruction and Development (EBRD) and the European Union (EU) are expanding their support program for micro, small, and medium-sized enterprises (MSMEs) and larger companies in Ukraine, which will enable the mobilization of EUR2 billion in new financing through EBRD partner banks thanks to EUR315 million in additional EU support, the financial institution announced on its website.
The additional EU support is being implemented through the Ukraine Investment Framework (UIF) program and includes EUR200 million in guarantees, EUR105 million in grants, and EUR10 million in technical assistance.
As noted in the press release, the new package is expected to provide loans to at least 3,000 MSMEs and preserve approximately 180,000 jobs.
Funds will be provided through the EBRD’s partner financial institutions in Ukraine. According to the bank’s assessment, the expansion of the program should support businesses’ access to financing amid the war, particularly against the backdrop of rising borrowing costs, disrupted logistics, and companies’ need to replace or modernize damaged equipment.
Ukrainian companies will be able to receive investment incentives in the form of EU grants to cover 10% to 30% of the cost of critical capital investments, primarily in high-efficiency and “green” technologies.
At least 50% of these grant incentives will be directed toward priority categories of MSMEs: enterprises with assets damaged or destroyed as a result of the war, businesses in frontline zones, veteran-owned companies, enterprises supporting the reintegration of internally displaced persons and people with disabilities, micro-companies, startups, small farms, as well as businesses led by women and young people.
The program also provides for support to restore activity in Ukraine’s insurance market, specifically the development of solutions for insuring military risks. As part of a pilot project, insurance subsidies are planned to be provided to MSMEs.
Part of the expanded support will be implemented through the Enterprise Security Enhancement (ESE) mechanism, which the EBRD is rolling out on a pilot basis in collaboration with partner financial institutions in Ukraine. It allows banks to reduce the debt burden for borrowers whose assets have been damaged by the war.
To implement this mechanism, it is planned to use EUR 200 million in first-loss guarantees provided by the EU as part of the new phase of the program. Such coverage of credit risk associated with the loss of assets due to the war is intended to support lending for capital investments and the continuity of economic activity.
This support builds on the first phase of the Financial Inclusion Recovery Program, which confirmed significant demand from Ukrainian businesses for financing through partner banks.
As reported, in May the EBRD launched a pilot ESE donor mechanism in Ukraine to partially write off business debt on investment loans in the event of damage to financed assets resulting from hostilities: with PrivatBank—in the amount of EUR 6.8 million, and with Raiffeisen Bank—EUR 1.2 million.
In 2025, the EBRD allocated a record EUR2.9 billion in financing to Ukraine, including EUR1.2 billion through partner financial institutions, as well as EUR504 million under portfolio risk-sharing programs, which facilitated new lending of up to EUR1.6 billion.
Almost 8 out of 10 Ukrainian companies ended 2025 with a profit, according to financial reporting data. Out of 222,000 businesses, every fifth company turned out to be loss-making. The largest share of profitable companies was among medium-sized businesses, while small businesses proved to be the most profitable: half of such companies earned more than UAH 5 in profit from every UAH 100 of revenue. Ukrhydroenergo, Ukrnafta and Energoatom received the largest net profit last year.
78% of Ukrainian companies included in the analysis of financial statements for 2025 ended the year with a profit: 173,510 enterprises. Another 21%, or 45,752 businesses, recorded losses, while 1% ended the year practically at break-even: 3,005 companies.
We are monitoring companies’ financial statements in Opendatabot.
How did we calculate this? In total, 429,800 companies submitted financial statements. For the analysis, 222,300 companies were selected that did not have non-profit status, had revenue above 0, provided data on net profit and had one of the following legal forms: limited liability company, private enterprise, farm, joint-stock company or subsidiary. Large businesses included companies with revenue from UAH 1 billion, the medium segment included companies with revenue from UAH 100 million to UAH 1 billion, and all companies with revenue below UAH 100 million were grouped as small businesses.
Medium-sized businesses turned out to be the most profitable: 89% of companies. These are enterprises with revenue from UAH 100 million to UAH 1 billion. Large businesses lagged only slightly: among companies with revenue above UAH 1 billion, 86% made a profit. In the small business segment, where annual revenue does not exceed UAH 100 million, the share of profitable enterprises was 77%.
At the same time, if sales profitability is assessed, small businesses have the best indicators: half of such companies have profitability above 5%. By contrast, half of large profitable enterprises operate with profitability below 2.6%. For half of medium-sized companies, this figure does not exceed 3.85%.
Top 10 most profitable companies in Ukraine
Ukrhydroenergo declared the largest net profit in 2025 – UAH 20.91 billion. The top three also included Ukrnafta with UAH 16.05 billion and Energoatom with UAH 11.85 billion in profit.
The top ten companies with the largest net profit also included Gas TSO of Ukraine, Centrenergo, Roshen, UMZ, SCM Finance, Ukrfinzhytlo and D. Trading.
Ukraine has the legal and regulatory capacity to launch programs supporting domestic pharmaceutical manufacturers, but funding is lacking amid the war, according to Taras Kachka, Deputy Prime Minister for European and Euro-Atlantic Integration.
“Let’s just focus on the possibilities for support: the legal framework is there, but as for financial resources—you understand how constrained and limited our financial capabilities are in wartime,” he said during the conference “Regional Dialogues with Business on European Integration: The Pharmaceutical Industry” in Uzhhorod on Thursday.
At the same time, Kachka noted that “within the framework of existing support programs, there is a whole range of additional options.”
“We are ready for this dialogue. We just need to clearly identify exactly which needs we need to address,” he said.
BUSINESS, EUROPEAN INTEGRATION, PHARMACEUTICALS, STATE SUPPORT, Качка
There are currently over 480 businesses with majority Ukrainian capital operating in Serbia, including 161 companies and 320 entrepreneurs, according to Marko Čadež, president of the Serbian Chamber of Commerce and Industry, citing data from the Serbian Business Registration Agency.
“Mostly in the fields of IT, consulting services, trade, and small business,” he said in an interview with the agency “Interfax-Ukraine”.
For comparison, Čadež cited data from pre-war 2021, when 202 Ukrainian companies and 117 entrepreneurs were operating in Serbia. According to him, about 40% of them were subsequently closed, but after 2022, a significant number of new registrations were recorded.
“Last year, for example, not a single company or entrepreneur was closed,” he noted.
The president of the Serbian Chamber of Commerce and Industry added that Ukrainian business in Serbia is gradually shifting from traditional trade to digital and other knowledge-based services.
“The number of IT entrepreneurs, consulting firms, and design studios is growing year after year,” said Chadezh.
BUSINESS, IT, SERBIA, Serbian Chamber of Commerce and Industry, UKRAINE
State-owned Oschadbank and the UPG gas station chain have signed a cooperation agreement that provides for business loans on special terms for the purchase of motor fuel, according to Yuriy Voychak, director of Oschadbank’s sales department.
“We were the first among all Ukrainian banks to sign a cooperation agreement that allows all UPG customers who need it to purchase fuel using credit funds. Loan terms: 0.01% per annum, for up to 12 months, unsecured. The loan amount is up to 20 million UAH,“ Voychak said during the Energy Finance forum organized by Oschadbank in Kyiv on Wednesday.
”This means that farmers or other UPG clients can apply for financing. We have liquidity, we have sufficient funds, the interest rate is minimal, and the loan is provided without collateral—the procedure is as simple as possible,” the bank representative explained.
He noted that the bank and the network are expecting loan applications from businesses. Voychak clarified that the agreement between the bank and UPG was signed about a month ago.
In a comment to Energoreforma, he noted that the bank is negotiating with other networks to conclude similar agreements.
“WOG and OKKO have started approaching us. We are in negotiations,” said Voychak.
According to him, such an agreement creates a three-way benefit: the client has fuel, the bank has a client to lend to, and the gas station network increases its fuel sales.
UPG network owner Volodymyr Petrenko told Energoreforma that, according to his information, approximately 60 million UAH worth of fuel has already been sold under the loan agreement.
“After the rise in fuel prices, roughly twice as much money is needed to purchase it. Thanks to the loan, we can avoid using working capital for this. Our goal is to give consumers the opportunity to purchase the fuel we import from the U.S. and appreciate its high quality,” said Petrenko.
As reported, UPG (Ukrainian Petrol Group) is a Ukrainian group of companies specializing in the trade of petroleum products. UPG ranks among the top three largest operators in Ukraine by number of stations. The group has its own logistics infrastructure and conducts direct fuel supplies from leading refineries in Europe and the U.S. The founder of UPG is Volodymyr Petrenko.
Earlier, Oschadbank noted in its press release regarding a new business program with UPG—which allows entrepreneurs to purchase fuel for seasonal work or ongoing operations without straining working capital—that its main advantage is a preferential interest rate of 0.01% per annum for the first four months of the loan.
BUSINESS, FUEL, LENDING, OSCHADBANK, UPG
On April 30, 2026, Kyiv hosted the International Women’s Economic Forum 2026—a large-scale event that brought together women entrepreneurs, business leaders, representatives of international organizations, business associations, financial institutions, the public sector, and the expert community.
The forum served as a platform for substantive discussions on the role of women in Ukraine’s economy, the development of women’s entrepreneurship, business internationalization, Ukrainian companies’ entry into European Union markets, export readiness, access to financing, and new opportunities for scaling women-led SMEs.
The event was organized by the Ukrainian Chamber of Commerce and Industry in cooperation with the NGO “International Women’s Economic Forum” and UKRSIBBANK BNP Paribas Group, with the support of the STEP IN 2 EU international cooperation program, which is co-financed by the governments of Germany and Norway, as well as the European Union under the EU4Business initiative and implemented by the German federal company Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH.
The forum was opened by Hennadiy Chyzhykov, President of the Ukrainian Chamber of Commerce and Industry, who emphasized that women’s entrepreneurship today is not only a socially important issue but also a significant economic resource for Ukraine’s recovery, export development, and enhanced competitiveness.
“Among Ukrainian exporters, there are still half as many women as men. Not because they can’t do it. But because conditions have long been unfavorable. I am happy to see the community of women entrepreneurs growing. I am happy to see more and more businesses and institutions getting involved in creating opportunities for the development of women’s leadership,” noted Hennadiy Chyzhykov.
Olena Kondratiuk, Vice Speaker of the Verkhovna Rada of Ukraine; Tetiana Anishchuk, Deputy Head of the STEP IN 2 EU Program at GIZ Ukraine; and Nataliia Kolomatska, Deputy Chair of the Management Board and Chief Operating Officer of UKRSIBBANK BNP Paribas Group, also addressed the forum participants and guests with welcoming remarks.
In her speech, Olena Kondratiuk emphasized that Ukrainian women are already a powerful force for the country’s economic resilience. She stressed that women not only start new businesses but also take responsibility for jobs, communities, families, export opportunities, and the future of the Ukrainian economy.
“The strength of Ukrainian women is not an abstraction. It is the ability to quickly adapt to new conditions and keep the economy afloat,” emphasized Olena Kondratyuk.
Separately, during the forum, it was highlighted that women’s entrepreneurship in Ukraine is growing even amid the war. Women are increasingly establishing new companies, entering international markets, engaging in export activities, and developing manufacturing, social enterprises, service businesses, creative industries, technological solutions, and high-value-added products.
The forum’s program was structured around several key thematic blocks. The first panel discussion focused on the role of women’s business associations, chambers, clubs, and international networks in supporting female entrepreneurs. Participants noted that the development of women’s businesses requires not only individual grant or training programs, but a sustainable support infrastructure: access to knowledge, mentorship, partnerships, markets, financial instruments, and international contacts.
Particular attention was paid to how Ukrainian women’s business organizations can strengthen one another, develop a shared agenda, engage with international partners, and become the voice of women entrepreneurs in dialogue with the government, donors, financial institutions, and European business networks.
The second panel focused on programs supporting women’s entrepreneurship implemented by international organizations, donor programs, and development partners. The discussion covered opportunities for Ukrainian companies in the areas of training, consulting, grant support, export preparation, entering EU markets, digitalization, sustainable development, and enhancing the competitiveness of small and medium-sized businesses.
Representatives of international partners emphasized that support for women entrepreneurs must be practical, long-term, and tied to real business needs. The discussion focused not only on general issues of women’s leadership but also on specific tools: how to prepare a company for export, how to assess readiness for the international market, how to adapt a product to EU requirements, and how to navigate regulatory barriers, certification, logistics, financing, and partnership channels.
The third panel discussion was dedicated to the practical experiences of women entrepreneurs: exporting, scaling up, and entering European Union markets. Participants shared their own stories of growth, mistakes, challenges, and solutions that helped them expand beyond the Ukrainian market. Key topics included adapting business models, building trust with foreign partners, participating in international exhibitions, brand development, working with distributors, securing financing, and building the reputation of Ukrainian products abroad.
The panelists emphasized that Ukrainian businesses today export not only goods or services but also a new quality of entrepreneurial thinking: flexibility, speed of decision-making, the ability to operate under conditions of uncertainty, responsibility, and high internal motivation. It is precisely these traits that make Ukrainian companies competitive in international markets.
A separate focus of the forum was the topic of the event’s practical follow-up. The International Women’s Economic Forum 2026 is not viewed as a one-time event. Its goal is to become a platform for systematic support of women entrepreneurs who seek to scale their businesses, enter foreign markets, and strengthen their export capacity.
As part of the follow-up work after the forum, 15 women entrepreneurs will be selected to receive individual consultations on business internationalization, export readiness, entering EU markets, regulatory compliance, developing an international strategy, and practical steps for scaling up. This format will allow the forum’s discussions to be transformed into concrete roadmaps for the development of Ukrainian women-led SMEs.
Overall, the forum brought together the entrepreneurial, expert, international, and institutional communities around a common goal—to make women in the Ukrainian economy more visible, stronger, better represented in international trade, and more integrated into European and global value chains.
The 2026 International Women’s Economic Forum demonstrated that Ukrainian women are already one of the key drivers of the country’s economic resilience. They are starting businesses, opening new markets, representing Ukraine abroad, supporting teams, investing in community development, and shaping a new culture of entrepreneurship—one that is bold, responsible, and open to the world.
And that is precisely why the forum’s main message rang out particularly clearly: make way for the bold.
Interfax-Ukraine – information partner.
