European Investment Bank’s EU for Ukraine Fund finances first project
Date: 05/12/23
The EU for Ukraine Fund, managed by the European Investment Bank (EIB), approved a EUR 25 million investment in Ukraine’s equity growth fund on 4 December 2023, aimed at strengthening small and medium-sized enterprises (SMEs) in Ukraine and Moldova. The funding primarily targets asset-light, human capital-rich, export-oriented technology companies, building on the region’s rich engineering talent base.
Representatives of EU Member States greenlighted this, the fund’s first project financing, during the initial meeting of the EU for Ukraine Fund’s Contributors’ Committee meeting. The financing is an investment in the Horizon Capital Growth Fund IV (HCGF IV) managed by Horizon Capital, a leading private equity manager in Ukraine.
HCGF IV is in the process of raising at least €274 million ($300 million) to make growth equity investments, with a focus on tech and export-oriented SMEs in Ukraine and Moldova. Backed by institutional investors including the EIB, HCGF IV seeks to enhance the market presence of businesses in Ukraine and Moldova and support their expansion efforts, particularly in sectors such as IT services and products, e-commerce, innovative retail and consumer goods, and fintech.Further information
The EU for Ukraine Fund, initiated by the EIB in spring 2023, is part of the broader EU for Ukraine initiative, which aims to address Ukraine’s urgent needs and bolster economic stability. With over €400 million initially committed by 18 EU Member States, the Fund’s primary aim is to support public and private projects, mainly in municipal infrastructureand access to finance for Ukrainian entrepreneurs.
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