09 July 2024

Independent UK law firm Burges Salmon has advised EFSE, a fund advised by Finance in Motion, on a €10 million financing to Bank Lviv, Ukraine. The funding, made available synthetically in local currency, is intended to make impactful recovery-focused loans to micro, small and medium-sized enterprises (MSMEs). The transaction has a particular focus on achieving stability and growth in the Ukrainian MSME sector, and supporting the businesses despite the uncertainties of war. The loan will be provided alongside dedicated MSME grants, with the goal of catalysing recovery by improving access to funding.

The loan was signed during the recent Ukraine Recovery Conference in Berlin, attended by a number of world leaders including Volodymyr Zelenskyy, Olaf Scholz, Ursula von der Leyen and David Cameron. The financing aligns with the European Union goal of mobilising continued international support for recovery, reconstruction, reform and modernisation of Ukraine, and demonstrates EFSEs continued support to foster economic development and prosperity in Southeast Europe and the Eastern Neighbourhood Region. The Burges Salmon team was led by Rachael Ruane and Luke Addison, supported by solicitor Thomas Papke.

Jasminka Begert, Fund Director for EFSE’s mandate at Finance in Motion, commented: “The cooperation between EFSE and Bank Lviv is a significant step towards economic recovery in Ukraine, aligning with broader efforts to expedite the country’s recovery and economic integration.”

Rachael Ruane added: “We are proud to have worked with the EFSE and FIM teams on this financing, supporting recovery and growth in Ukraine, and promoting business continuity for MSMEs in the region."

Finance in Motion is a global impact asset manager focused exclusively on sustainable development in emerging markets and developing economies. The company structures, manages, and advises impact investment funds that bring together public and private investors to address climate change, strengthen biodiversity conservation, foster the sustainable use of natural resources, improve livelihoods, and promote economic opportunities.

Key contact

Racheal Ruane

Rachael Ruane Partner

  • Corporate Banking
  • Real Estate Finance
  • Asset Finance and Asset Backed Lending

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