Minister of Finance of Ukraine Serhiy Marchenko signed a grant agreement with the German state development bank (KfW) for EUR50 million to compensate for the costs of interest rates for small and medium-sized businesses under the state program Affordable Loans 5-7-9%, the press service reports.

“The funds will be used to refinance expenses under the Affordable Loans 5-7-9% program, which will continue to provide small and medium-sized businesses with access to preferential lending,” Marchenko noted and expressed gratitude to the German government for cooperation and systemic support of Ukraine .

He emphasized that the allocated EUR50 million will be a significant contribution to improving existing financial support programs for businesses.

The minister also noted that the Entrepreneurship Development Fund (EDF) is a key institution of accessible financing for Ukrainian businesses aimed at renewing and developing entrepreneurship under martial law.

“The German government continues to support the Ukrainian side and facilitates further grants,” said Ulrike Hopp-Nishanka, head of the Ukrainian headquarters of the Federal Ministry for Economic Development and Cooperation (BMZ).

She recalled that last year KfW provided EUR150 million for the 5-7-9 program.

“These funds are an important component of German-Ukrainian development cooperation, the total amount of which in 2023 alone exceeded EUR600 million,” she noted.