Finance for Business During War 2.0: Searching for solutions for economic resilience

On June 11, the conference “Finance for Business During War 2.0” took place, co-organised by the European Business Association and the Independent Association of Banks of Ukraine. Members of Global Business for Ukraine (GB4U) were also invited to join the event, which brought together representatives of the financial sector, government institutions, and businesses to explore current challenges and opportunities in Ukraine’s financial services market during wartime.

The discussion focused on the importance of developing financial instruments to support businesses, particularly in frontline and war-affected regions. Key topics included access to finance, regulatory initiatives, war risk insurance, and state support programmes for businesses.

Opening remarks were delivered by Volodymyr Mudryi, Chairman of the Board of the Independent Association of Banks of Ukraine and CEO of OTP Bank Ukraine. He highlighted the positive dynamics in the credit market while acknowledging ongoing challenges:

“Despite a difficult year, lending continues to grow — the corporate loan portfolio has increased by 28%, and loans to small and medium-sized businesses now account for over 60%. This is the result of joint efforts by banks, the state, and our partners. However, challenges remain: the credit-to-GDP ratio is only 19%, and the issue of war risk insurance remains unresolved. We need new ideas, joint solutions, and a willingness to respond to business needs.”

Panel I: Regulatory Environment and Regional Risk Mitigation Tools as Catalysts for Business Finance in Ukraine

Participants included: Danylo Hetmantsev, MP, Head of the Verkhovna Rada of Ukraine Committee on Finance, Taxation and Customs Policy, Dmytro Natalukha, MP, Head of the Committee on Economic Development, Kateryna Rozhkova, First Deputy Governor of the National Bank of Ukraine, Vira Savchenko, Co-Chair of the EBA Ukraine Recovery Committee, CEO of BDO Ukraine, Andriy Fita, Deputy General Director for Corporate Affairs and Communications, JTI Ukraine, Artur Zagorodnykov, Deputy CEO, FUIB.

Participants discussed barriers to business access to finance, the regulatory environment, the potential for legislative changes, the role of war risk insurance in capital access, and the pressing needs of businesses, particularly in frontline and war-affected regions.

Danylo Hetmantsev, Member of the Ukrainian Parliament and Chair of the Verkhovna Rada Committee on Finance, Taxation and Customs Policy, noted that the draft law on war risk insurance is currently being finalised, taking into account feedback from business associations. In his view, the state must focus on fundamental principles – the rule of law and the creation of equal conditions for business. He also highlighted the positive lending dynamics observed in Q1 2025 and underlined the importance and effectiveness of government programmes such as eOselya and 5-7-9.

Dmytro Natalukha, Member of Parliament and Chair of the Verkhovna Rada Committee on Economic Development, stressed that supporting business in frontline regions is a matter of national security. He pointed to the challenges businesses face in accessing finance – high interest rates, depreciation of collateral, and strict lending conditions. He explained that the Committee is currently working on adapting European approaches to financing and lending to fit the Ukrainian context. According to him, a vote is expected soon on the Law “On Public-Private Partnerships”, which could serve as a stimulus for expanding syndicated financing, among other opportunities.

Kateryna Rozhkova, First Deputy Governor of the National Bank of Ukraine (NBU), outlined the central bank’s efforts to support lending. These include the introduction of temporary wartime provisions for assessing credit risk on specialised loans, increased collateral liquidity coefficients for priority sectors, and other steps as part of the NBU’s Lending Development Strategy. She also noted the regulator’s progress in aligning Ukraine’s banking regulations with EU standards, as improved equivalence indicators will in future help to expand credit and investment limits for international banking groups operating in Ukraine. At present, she emphasised, there is renewed lending activity across all sectors, particularly agriculture, energy, construction, trade, and engineering.

Andriy Fita, Deputy General Director for Corporate Affairs and Communications at JTI Ukraine, emphasised that the key priority for business today is the safety of people and continuity of operations:

“We have Plan B, and even Plan C, for our core processes to remain a reliable partner to the state.”

In turn, business expects stable and predictable fiscal and regulatory policies, as well as tangible action against the illegal market in excise goods. A level playing field is what will enable the economy to survive and grow.

Panel II: Business Lending During Wartime

Participants included: Gabriel Blanc, Team Leader for the Reconstruction of Ukraine, DG NEAR, European Commission, Yevhen Hrebeniuk, Senior Financial Sector Specialist, the World Bank Group, Olena Voloshyna, Head of IFC’s operations in Ukraine, Andrii Hapon, Executive Director, Business Development Fund, Ruslan Hashev, Board Chairman, Export Credit Agency of Ukraine, Ievgen Zaigraiev, Member of the Management Board, Corporate and SME Division, PrivatBank

The panellists explored the available credit and grant support programmes for businesses, as well as the challenges faced by exporters during wartime. Speakers also addressed issues of reconstruction and future financing opportunities for Ukrainian exporters.

Gabriel Blanc, Team Leader for the Reconstruction of Ukraine, DG ENEST, European Commission, noted that the accession process of Ukraine to the EU opens up many opportunities for Ukrainian and European companies. It gives a positive signal to international investors. Gabriel said that the European Commission is engaging with the private sector, acting as an intermediary between the needs of Ukrainian and European business and financing available thanks to the EU support.

Yevhen Hrebeniuk, Senior Financial Sector Specialist at the World Bank Group, highlighted that the World Bank provides targeted support to government programmes aimed at assisting businesses and helps the government assess their effectiveness. He also stressed the importance of privatising state-owned banks as a key signal of Ukraine’s investment attractiveness to potential foreign investors.

Olena Voloshyna, Head of IFC’s operations in Ukraine, explained how IFC has delivered financial and advisory support to the state and private sector throughout the full-scale war. According to her, IFC has invested $2.2 billion in Ukraine’s economy since 2022. IFC combines the functions of a financial institution, private investment firm, and advisory body — providing capital, investing in funds, and advising the government on financing tools and fintech solutions.

The European Business Association expresses its sincere thanks to all conference participants for their expertise, active engagement, and lively discussion. We are grateful for the support and cooperation of our partners — the World Bank Group. Despite the challenges of wartime, it is essential to remain open, find common solutions, and move forward towards the recovery and sustainable development of Ukrainian business.