5 Million Euro Investment in Bank Lviv from Dutch Good Growth Fund

During Ukraine’s Recovery Meeting hosted by Bank Lviv in November, 2023 in Berlin, Dutch Good Growth Fund, DGGF announced the decision to invest EUR 5 million equity in Bank Lviv. This would be the first direct equity investment in a Ukrainian bank since the start of the full- scale war.

The investment will boost Bank Lviv’s equity and help increase business credit to micro, small and agro enterprises in the West of Ukraine.

Ukrainian MSMEs are leading the economic recovery of the country despite the war, and additional credit will help them increase investments, output and employment.

Bank Lviv’s management is confident that the DGGF investment will encourage the efforts of the international financial organizations in supporting Ukrainian businesses during the war.

The Binding Offer was signed at the investment event in Berlin, where more than 30 IFIs and business partners participated in the discussion about Ukrainian MSME development needs and investment opportunities despite the ongoing war.

Below we highlighted the most memorable quotes from Key Note speakers from signing ceremony:

Dutch Ministry of Foreign Affairs

“The Dutch Good Growth Fund (DGGF) has been building a portfolio of intermediary funds and local financial institutions across more than 60 countries, enabling local SMEs to grow and strengthen the financial sector of low- and middle-income countries. Bank Lviv strongly aligns with DGGF’s mandate, focusing on SMEs, stable finance, and offering opportunities for growth and positive impact, fostering Ukraine’s SME sector. We are delighted to make this modest contribution to support Ukraine’s resilience and economic stability”.

The Netherlands Embassy in Kyiv, Ukraine

“It’s time to talk about opportunities for Ukraine today. Despite challenges from the East, Ukraine holds immense opportunities, with the sun shining from the West in the form of EU collaboration. Ukraine is a proud and resilient country, and we aim to maintain a balance that avoids over-dependence. Business opportunities and investments, especially in the perspective of EU accession, are crucial. We are proud to assist as the Dutch Government, showing high trust in our Ukrainian partners and believing in Ukraine’s possibilities in the near future”.

Tetyana Berezhna, Deputy Minister of Economy of Ukraine

“Currently, Ukraine faces an unprecedented economic situation, with 6.2 million people leaving the country due to the full-scale invasion. There are 5 million internally displaced people, and on the eastern border, people are fighting for the values of the civilized world. We urgently need your support for victory. At the Ministry of Economy, we understand that SMEs are the backbone of our economy, and people need a secure Ukrainian future with business development. We hope to create a network of projects like this, partnering with international allies, with Bank Lviv as one of our key partners in this endeavor”.

DGGF/Triple Jump

“Despite the challenges posed by the full-scale invasion, we decided to make a long-term commitment. Our equity investment, albeit a small contribution, aims to support Bank Lviv’s initiatives. We are aware of the risks but believe in the potential positive impact. This is just the beginning”.
“The bank’s commitment to supporting SMEs and the dedicated team impressed us during due diligence. We witnessed the team’s incredible management in overcoming challenges and delivering outstanding performance”.

About DGGF

The Dutch Good Growth Fund is a Policy Programme created in 2014 by the Dutch ministry of foreign affairs, in support of Small and Medium Enterprises in some of the most underserved markets of this world. The mandate is jointly executed by Triple Jump and PwC Netherlands, and today looks at more than 50 investees and almost 400m committed capital. The Dutch Good Growth fund is a unique instrument, a patient investor able to take risks that other Investors cannot provide lasting support to the operations of financial intermediaries serving SMEs.

About Bank Lviv

Bank Lviv is headquartered in Lviv, fully internationally owned and is one of the fastest growing banks in the country. Bank Lviv  has provided reliable banking services to businesses and private individuals in the West of Ukraine since 1990. We are building a new banking culture on a foundation of transparent relationships and common objectives.