Improved ability of SMEs to access new markets

Strengthen communities and innovative market-based solutions at a local level

Solving social problems in community by providing accessible capital, coaching and mentoring

Developing of a new generation of leaders who will transform Ukraine and Moldova

Western NIS Enterprise Fund


Western NIS Enterprise Fund (WNISEF) is a $285 million regional fund, a pioneer in Ukraine and Moldova with over 29 years of successful experience in investing in small and medium-sized companies. WNISEF was funded by the U.S. government via the U.S. Agency for International Development (USAID). Since its inception, WNISEF’s cumulative investments total over $188 million to 136 companies employing around 26,000 people and made it possible to unlock $2.3 billion for companies in Ukraine and Moldova.

In 2015 WNISEF has launched a $35 million legacy program focused on export promotion, local economic development, impact investing and economic leadership.


WNISEF is funding innovative, high-impact, reform focused programs and aims to support Ukraine and Moldova at this critical period by developing sound economic policy and leadership.


WNISEF is governed by an independent Board of Directors comprised of leading representatives of the U.S. business community. WNISEF was established by the U.S. Congress and funded by the U.S. government via USAID.

We believe that these funds will be the catalyst that will expedite the transformative process and cement its results for the longer term – until ordinary people feel a tangible impact on their lives and join the ranks of reformers.

Jaroslawa Zelinsky Johnson

President and CEO of Western NIS Enterprise Fund


Western NIS Enterprise Fund Welcomes Stella Jemna as Country Representative for Moldova

June 01, 2023

Western NIS Enterprise Fund (WNISEF), a leading international investment fund, is pleased to announce the appointment of Stella Jemna as the new Country Representative for Moldova. With her extensive experience in project management and deep knowledge of government relations, Stella brings a wealth of expertise to the organization.

USAID-Backed Western NIS Enterprise Fund welcomes Ukraine-focused Horizon Capital Growth Fund IV exceeding its target size of $250 Million at Interim Closing

April 28, 2023

WNISEF (Western NIS Enterprise Fund) is pleased to announce that Horizon Capital has exceeded its fundraising target for Horizon Capital Growth Fund IV (HCGF IV), raising a total of $254 million as of Interim Closing, and increasing Horizon Capital’s assets under management to $1.4 billion. HCGF IV is the first and largest fund raised for Ukraine since the onset of the full-fledged invasion. WNISEF is proud to back HCGF IV in the first closing on September 26, 2022, thus helping to catalyze $125 million at a virtual signing ceremony witnessed by President of Ukraine Volodymyr Zelenskyy.


April 26, 2023

The Urban Club for Ukrainian youth “The City Is Me” in Warsaw is a joint project of the Ukrainian House in Warsaw, the Western NIS Enterprise Fund (WNISEF), and the “Child Effect” NGO. The first priority of the Club is to provide its participants with important practical knowledge about cities – Polish, Ukrainian, and others. The Club’s initiator and co-organizer is Iryna Ozymok, WNISEF Local Economic Development Program Manager, founder of the International Mayors Summit, and author of a children’s book explaining how cities function and what’s the role of people in them. “The City Is Me” Urban Club in Poland was organized in Lublin and Warsaw.

Creative Accelerator in Moldova 2023

March 02, 2023


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