Sayenko Kharenko advises the EFSE on EUR 20 million financing to Ukrgasbank to support Ukrainian MSMEs

Sayenko Kharenko has acted as Ukrainian legal counsel to the European Fund for Southeast Europe (EFSE) on providing, through its Ukraine Sub-Fund (USF), the loan of EUR 20 million equivalent in Ukrainian hryvnia to Ukrgasbank. The financing aims to expand access to local currency finance, particularly in regions most affected by the Russian aggression and among socially disadvantaged groups such as women and veteran entrepreneurs. Additionally, the loan will be complemented by a dedicated grant program for micro, small, and medium-sized enterprises (MSMEs) end-borrowers. The two instruments are designed to strengthen the viability and resilience of MSMEs amid heightened risks and unprecedented uncertainties, supporting both urgent business needs and long-term recovery and growth.

EFSE is an impact investment fund to drive economic development and prosperity in Southeast Europe and the Caucasus. Through its two sub-funds—the Regional Sub-Fund (RSF) and the Ukraine Sub-Fund (USF)—EFSE provides tailored financial solutions to foster entrepreneurship, strengthen financial inclusion, and support local economies.

Ukrgasbank is one of Ukraine’s leading state-owned banks, operating across all business segments with a strong focus on sustainable finance. As a frontrunner in sustainable banking, Ukrgasbank actively supports initiatives related to energy efficiency, clean energy, and environmentally responsible business practices.

Sayenko Kharenko’s team included Igor Lozenko, Oles Trachuk, Yevhen Koval and Mykola Suprunovych.