The Ministry of Economy, together with the National Bank of Ukraine and the European Bank for Reconstruction and Development (EBRD), has announced the launch of the international WE Finance Code (Women’s Entrepreneurship Finance Code) initiative in Ukraine. The announcement was made during the official presentation of the project (available here). An initial group of 21 participants has already joined the project, including banks, credit unions, leasing companies, and financial market industry associations, as reported by Dengi.ua.
The WE Finance Code is a global, multilateral initiative aimed at expanding access to financing for micro, small, and medium-sized enterprises run by women. Today, the program is implemented in more than 30 countries, bringing together financial institutions, government regulators, business associations, and international partners to create a more accessible and effective financial environment for the development of women’s entrepreneurship.
In Ukraine, the Ministry of Economy serves as the national coordinator for WE Finance Code and is also responsible for coordinating the work of the initiative’s coalition of participants.
“Today, Ukraine is shaping a new model of economic development: one that is sustainable, competitive, and inclusive. Small and medium-sized businesses are the foundation of this transformation, and women entrepreneurs make an extremely significant contribution to ensuring our country’s economic stability. The WE Finance Code is much more than a declaration. It is a long-term partnership between the government, financial institutions, and international partners, designed to create an ecosystem in which women-led businesses will have broader access to financial products, advisory support, and opportunities for growth,” said Deputy Minister of Economy Daryna Marchak.
Serhiy Mykolaychuk, First Deputy Chairman of the National Bank of Ukraine, stressed that expanding women entrepreneurs’ access to financial resources is a key factor in the economy’s sustainable development. According to him, the WE Finance Code will enable financial institutions to better address the needs of women-led businesses, improve specialized financial products, and make decisions based on high-quality analytics.
“Expanding women entrepreneurs’ access to financing is a key condition for Ukraine’s sustainable economic development. The WE Finance Code creates a platform that will enable the financial sector to better understand the needs of women-led businesses, develop appropriate financial products, and make decisions based on high-quality data. The National Bank of Ukraine will support the implementation of this initiative and the development of unified approaches to the collection and analysis of gender-disaggregated data,” said Serhiy Mykolaychuk.
Among the first participants in the initiative are PrivatBank, Ukreximbank, Ukrgasbank, Raiffeisen Bank, Ukrsibbank (BNP Paribas Group), ProCredit Bank, Sense Bank, Globus Bank, MTB Bank, COMINBANK, Unex Bank, the First All-Ukrainian Credit Union (PKS), the “Khrystyianska Fortetsia” (Christian Fortress) Credit Union, 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 National Association of Credit Unions of Ukraine.
The organizations that have joined the Coalition have voluntarily committed to promoting greater access to financial resources for women-led businesses, improving data collection and analysis, developing specialized financial solutions, and disseminating best practices for supporting women’s entrepreneurship.
“Women’s entrepreneurship is one of the key drivers of Ukraine’s economic growth and recovery, and the financial sector plays a crucial role in unlocking its full potential. We are proud to support the launch of an initiative that will expand women entrepreneurs’ access to financing and strengthen the financial ecosystem that supports them. We are convinced that it will contribute to the development of a more competitive and sustainable financial sector, opening up new opportunities for women-led businesses,” said Arvid Tuerkner, EBRD Managing Director for Ukraine and Moldova.
During the presentation, participants in the initiative also discussed the role of the financial sector in creating new opportunities for women entrepreneurs, the development of specialized financial instruments, the use of gender-disaggregated data in shaping public policy, and international experience in implementing the WE Finance Code.