Ministry of Finance: International support for the energy resilience of small businesses is an investment in Ukraine's sustainability

A total of UAH 63 million in grant aid was provided to 140 Ukrainian companies under the project “Support for the Energy Resilience of Micro and Small Enterprises in Ukraine”. This was discussed during the presentation of the project results in Kyiv on July 31 with the participation of Deputy Minister of Finance of Ukraine Yurii Drahanchuk.

Entrepreneurs invested 57% of the grant support in renewable energy sources, mainly solar panels, 15% in energy storage units (inverters), 8% in energy-efficient equipment, and 7% in generators.

The total capacity of the installed energy-saving systems amounted to 4,764 kW.

"Every grant from our international partners aimed at supporting the energy resilience of Ukrainian micro and small businesses is not just about saved kilowatts in a full-scale war when russia is trying to completely destroy Ukraine's energy infrastructure. These are saved jobs, stable operation and development of enterprises, and most importantly, an investment in Ukraine's economic and financial resilience," said Yurii Drahanchuk.

The largest share of energy resilience grants was allocated to entrepreneurs in the regions that suffered significant damage as a result of russia's military aggression: the frontline regions of Dnipropetrovsk, Sumy and Kharkiv, as well as the border regions of Lviv and Volyn. This demonstrates the resilience of Ukrainian business and the desire of people to work in their native land.

By type of economic activity, the largest number of grants were awarded to enterprises in the processing industry, trade, construction, and hotel and restaurant business.

The project was implemented under the ReACT4UA programme, funded by the Norwegian Agency for Development Cooperation (NORAD) and the German Government and implemented by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ).

"The project has demonstrated that even in times of war, Ukrainian small businesses are capable of adapting and developing with the support of targeted solutions. Thanks to our project, 140 companies received funding to install autonomous power supplies. This allowed not only to ensure uninterrupted business operations during the crisis, but also to save or create jobs, in particular for veterans and internally displaced persons. A decentralised energy system based on renewable energy sources is not only about energy efficiency, it is about the sustainability, security and economic stability of the country," said Hagen Ettner, ReACT4UA/GIZ Programme Director, during the presentation.

The project was implemented by the Entrepreneurship Development Fund through four authorised banks: Oschadbank, Sense Bank, Ukrgasbank and Bank Lviv, three of which are public sector banks.

"The Entrepreneurship Development Fund has already demonstrated that it can respond quickly and effectively to challenges. Through partnerships with international donors, Ukrainian businesses have received tens of millions of hryvnias to restore, modernise and increase business resilience in the most challenging times," summed up Valerii Maiboroda, First Deputy Chairman of the Board of the Business Development Fund.