Ministry of Economy, Environment and Agriculture: WE Finance Code launched in Ukraine with first wave of signatories announced

On 14 July in Kyiv, the Ministry of Economy, Environment and Agriculture of Ukraine, together with the National Bank of Ukraine and the European Bank for Reconstruction and Development (EBRD), officially launched the global WE Finance Code initiative (Women Entrepreneurs Finance Code). The first 21 organisations to sign up to the initiative include banks, credit unions, leasing companies and financial sector associations.

The WE Finance Code is a global multi-stakeholder initiative aimed at expanding access to finance for women-led micro, small and medium-sized enterprises (MSMEs). It is currently being implemented in more than 30 countries worldwide, bringing together financial institutions, regulators, business associations and international partners around a shared goal of creating a more accessible and effective financial ecosystem for women entrepreneurs.

The Ministry of Economy, Environment and Agriculture of Ukraine serves as the National Coordinator of the WE Finance Code in Ukraine and coordinates the work of the initiative’s Coalition of Participants.

“Ukraine is building a new model of economic development – one that is resilient, competitive and inclusive. Small and medium-sized enterprises are at the heart of this transformation, and women entrepreneurs are making an invaluable contribution to strengthening our country’s economic resilience. The WE Finance Code is much more than a declaration. It is a long-term partnership between the Government, financial institutions and international partners aimed at creating an ecosystem in which women-led businesses have greater access to financial products, advisory support and opportunities for growth,” said Daria Marchak, Deputy Minister of Economy, Environment and Agriculture of Ukraine.

“Expanding access to finance for women entrepreneurs is an essential prerequisite for Ukraine’s sustainable economic development. The WE Finance Code provides a platform that will enable the financial sector to better understand the needs of women-led businesses, develop tailored financial products and make evidence-based decisions. The National Bank of Ukraine will support the implementation of this initiative and the development of common approaches to collecting and analysing gender-disaggregated data,” said Sergiy Nikolaychuk, First Deputy Governor of the National Bank of Ukraine.

The first wave of WE Finance Code signatories includes PrivatBank, Ukreximbank, Ukrgasbank, Raiffeisen Bank, Ukrsibbank BNP Paribas Group, ProCredit Bank, Sense Bank, Bank Globus, MTB Bank, COMINBANK, Unex Bank, the First All-Ukrainian Credit Union (PVKS), the Sniatyn, Credit-Agro and Khrystyyanska Fortecya credit unions, the United Credit Union of the National Association of Credit Unions of Ukraine, Best Leasing, the Association of Ukrainian Banks, the Independent Association of Banks of Ukraine, and the Ukrainian National Association of Savings and Credit Unions.

Members of the Coalition have voluntarily committed to expanding access to finance for women-led businesses, improving the collection and analysis of relevant data, developing specialised financial products and promoting best practices for supporting women’s entrepreneurship.

Arvid Tuerkner, EBRD Managing Director for Ukraine and Moldova, said that women’s entrepreneurship is one of the key drivers of Ukraine’s economic growth and recovery, and that the financial sector has a crucial role to play in unlocking its full potential. He noted that the EBRD is proud to support the launch of an initiative that will expand women entrepreneurs’ access to finance and strengthen the financial ecosystem supporting them. He added that the initiative will help build a more competitive and resilient financial sector while creating new opportunities for women-led businesses.

Participants discussed the role of the financial sector in expanding economic opportunities for women entrepreneurs, the development of specialised financial products, the use of gender-disaggregated data to inform policymaking, and international experience in implementing the WE Finance Code.

Background

The EBRD has been the largest institutional investor in Ukraine since it began operating in the country in 1992. Since the start of russia’s full-scale invasion, the Bank has invested more than EUR 10.5 billion to support Ukraine’s real economy, focusing on strengthening energy security, enhancing private sector resilience and developing critical infrastructure.