Strengthening business support in war: Interview with the chairman of the Board of Kredobank Yakub Karnovsky
How did the nature of Polish-Ukrainian cooperation change in the conditions of war and what are the prospects for bilateral relations in the context of European integration and a new European security system? Polish-Ukrainian cooperation was transformed from humanitarian support at the beginning of the war to a strategic partnership for the sake of security and economic stability of the region.
As an economist with experience in the World Bank, I am convinced that a stable, democratic Ukraine is the key to the security of Central Europe, to the strength and sustainable development of all European countries. European integration should be a clear, step -by -step and irreversible strategy.
The current geopolitical situation, including Russia's aggressive ambitions, requires real security guarantees for Ukraine - not in the Budapest Memorandum, but specific mechanisms of collective defense against the EU and NATO. Poland, based on the experience of reforms after 1990, including Balcerovich's "shock therapy", showed how radical changes can bring the economy to the European level.
Ukraine is at a similar stage: political will, market flexibility and international support - the key to success. Partial reforms are unacceptable, as compromises weaken progress. The reconstruction of Ukraine should become a joint European-Ukrainian project with business attraction, banks and international financial institutions. It is an opportunity not only for Ukraine but also for Poland to strengthen its own economy and guarantee stability in the region.
If we want to provide the future for our children, we need to bring to a just peace in Ukraine. And after the victory - to invest in rebuilding. This is a task for Ukraine, Poland, and all of Europe. In February 2025, the NBU approved your candidacy for the post of chairman of the board.
What is the vision of the development of Kredobank and its key priorities? Credobank focuses on the corporate segment and support of small and medium -sized businesses, offering new solutions for agro, infrastructure, IT and logistics - industries that form the Economic Ridge of Ukraine. Partnership with PKO Bank Polski, the largest Bank of Poland, and international financial institutions provides access to best practices and resources.
As the only bank with Polish capital in Ukraine, we see the first steps of restoration of the economy. However, full reconstruction is possible only in the conditions of sustainable peace, when investors begin to actively invest. Our strategy is to provide business with funding today so that businesses can maintain activities and become the basis for future reconstruction. We also develop digital services and open banking so that customers receive modern, fast and convenient financial instruments.
What are the key achievements of the bank in the last year do you consider the most important? In 2024, we concluded new agreements with the EBRD, Bank Gospodarstwa Krajowego (with the support of the European Commission) and launched portfolio guarantees with DFC. This allowed to issue loans for UAH 8. 3 billion. By the end of July 2025, the total amount of loans issued under the EBRD and BGK guarantees reached almost € 240 million.
As part of the Ukrainian Facility Program in the third quarter of 2025, we directed 14 million euros for business lending in the "orange" zone - regions with high security risk. At Ukraine Recovery Conference in Rome Kredobank, together with EIB (European Investment Bank) and EIF (European Investment Fund), signed a letter of intentions on a guarantee agreement under EU4Business, which provides up to 80% of loans.
This will provide 37 million euros for micro, small and medium-sized businesses for investment and working needs, including leasing and factoring. Why is cooperation with World Bank, IFC, EBRD, DFC critical, and how does Ukraine's economy help? The Ukrainian banking system demonstrates exceptional stability, maintaining high liquidity despite the lack of risk management standards for military conditions. In the first quarter of 2025, the share of problem loans in the sector decreased to 28.
6%, and in Kredobank - to 7. 95% as of May this year. However, the risks remain: the loss of assets in the war zones, the destruction of infrastructure and the economic downturn complicate traditional approaches to diversification. International institutions, such as the EBRD, the European Commission and DFC, provide long -term resources and risk distribution mechanisms, which allows banks to lend business more actively.
This helps to create jobs, budget filling and long -term restoration of the economy. How do you evaluate the prospects of the Ukrainian economy, taking into account war, reducing investment and dependence on external support? Economic prospects depend on the safety, stability of the hryvnia and international support. Inflation, which reached 15. 9% in May 2025, gradually decreases. The NBU discount rate at 15.
5% supports the currency market and controls inflationary expectations; Reduction is possible since September, provided a stable slowdown. The GDP growth forecast is 2-3% in the year if safety and support will remain. Reconstruction of infrastructure, grants and loans for SMEs, investments in the Green Sector and IT remain a growth driver. Credobank has 60% of the portfolio - working capital, but demand for investment loans and leasing is increasing.