MIGA Expands Support for Bank Lending in Ukraine
WASHINGTON, Feb. 04, 2026—The Multilateral Investment Guarantee Agency (MIGA), home of the World Bank Group Guarantee Platform, has extended and increased guarantees to free up capital linked to two banks’ mandatory reserves, enabling them to expand their operations in Ukraine and maintain continuity amid the ongoing war.
The guarantees cover reserves held at the Central Bank of Ukraine against the risk of expropriation. The guarantee to ProCredit Bank Ukraine, part of ProCredit group based in Germany, increases MIGA’s coverage of the reserves from €41 million to €80 million and extends a prior guarantee for one year and one day.
MIGA also issued a new guarantee to Raiffeisen Bank International of Austria, increasing MIGA’s coverage of the reserves from €100 million to €150 million and extending a prior guarantee for one year and one day.
The guarantee to ProCredit is expected to facilitate up to €171 million of working capital loans to small businesses in critical sectors such as agriculture, industry, and production. The guarantee issued to Raiffeisen is expected to generate up to €225 million in new loans supporting clients in critical sectors such as agriculture, food, and health care.
“By extending and increasing these two guarantees, MIGA reaffirms its strong commitment to supporting the Ukraine banking sector, " said Tsutomu Yamamoto, MIGA Managing Director. “This will strengthen resilience and confidence in the country’s financial system, which works as a conduit to the real sector to promote growth and job creation.”
Russia’s invasion of Ukraine continues to severely impact Ukraine’s economy. Despite their vital role in delivering essential goods, services, and supporting reconstruction, businesses in the country face borrowing constraints. The MIGA guarantee extensions are designed to alleviate such constraints.
MIGA has been supporting Ukraine’s economy with capital optimization guarantees since 2015 and stepped up its support in 2022 after the invasion, which caused a severe GDP contraction of nearly 29 percent.
“The expanded guarantee not only reaffirms international support but also provides a clear operational benefit,” said Hubert Spechtenhauser, Chair of the Management Board of ProCredit Holding AG. “By lowering the risk weight of the mandatory reserve at the National Bank of Ukraine, it releases capital that can be deployed for client-related activities. This strengthens our capacity to serve our clients now and to support the country’s longer-term reconstruction.”
“Increasing MIGA’s guarantee limit to €150 million strengthens the bank’s ability to support Ukrainian businesses during the war by enabling more loans to critical sectors,” said Natalia Gurina, Chairman of the Board of Raiffeisen Bank Ukraine. “This expanded guarantee also helps optimize capital and risk management, ensuring a steady flow of credit when Ukraine’s economy urgently needs support.”
About Raiffeisen Bank
Raiffeisen Bank, Ukraine, is the largest privately owned bank in Ukraine and the fourth largest by total assets. MIGA has cooperated successfully with the Bank since 2022.
About ProCredit Holding AG
ProCredit Holding AG, based in Frankfurt am Main, Germany, is the parent company of the development-oriented ProCredit group, which consists of commercial banks for micro, small, and medium enterprises as well as private individuals, fostering economic, ecological, and social development. In addition to its operational focus on Southeastern and Eastern Europe, the ProCredit group is also active in South America and Germany. The company’s shares are traded on the Prime Standard segment of the Frankfurt Stock Exchange. The main shareholders of ProCredit Holding AG include Zeitinger Invest GmbH, KfW, the Dutch DOEN Participaties BV, the European Bank for Reconstruction and Development and ProCredit Staff Invest GmbH & Co. KG. As the group’s superordinated company according to the German Banking Act and as the parent financial holding company of the ProCredit financial holding group, ProCredit Holding AG is supervised on a consolidated level by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin) and the German Bundesbank. For additional information, visit: https://www.procredit-holding.com/
About the World Bank Group Guarantee Platform
Initiated in 2024, the World Bank Group Guarantee Platform consolidates guarantee products and experts from across the World Bank Group at MIGA. It provides a simplified and comprehensive menu of guarantee solutions, enabling clients to select the instrument that best suits their needs. The platform streamlines processes, removes redundancies, and provides greater accessibility by de-risking investments in developing countries. Its goal is to boost the World Bank Group’s annual guarantee issuance to $20 billion by 2030.
For more information about the guarantee platform, please visit: https://www.worldbank.org/wbgguarantees
Stay updated and follow us at https://x.com/MIGA and https://www.linkedin.com/company/wb-miga
Contact: In Washington: Elizabeth Howton, ehowton@worldbankgroup.org