Funds and programmes for Ukraine’s recovery: who finances what and how to approach them

There is no single “Ukraine recovery fund” that takes applications from everyone. In practice, a company meets this money in one of four ways:

• Direct investment or a loan from an institution such as the EBRD, IFC, DFC or the US-Ukraine Reconstruction Investment Fund. This route suits larger, well-prepared projects.
• A loan from a Ukrainian bank that has a credit line or a guarantee from one of these institutions. This is how most small and medium-sized businesses benefit.
• Insurance or a guarantee that covers war and political risk, so that the investor or its lender can commit at all (MIGA, DFC, EBRD-backed schemes).
• EU budget guarantees and grants under the Ukraine Facility, which a company does not apply for directly: they reach projects through partner financial institutions.

The Ukraine Facility is the European Union’s support mechanism for 2024–2027, run by the European Commission. According to the Commission, it can provide up to EUR 50 billion to support Ukraine’s recovery, reconstruction, modernisation and path to EU accession. It has three pillars: direct financial support to the state budget tied to the Ukraine Plan, an investment framework, and technical assistance for accession reforms.

The second pillar, the Ukraine Investment Framework (UIF), is the part that matters to investors. It offers EUR 9.6 billion in guarantees and grants and is expected to mobilise up to EUR 40 billion of public and private investment. When it was set up in April 2024, the Commission said it would focus on small and medium-sized enterprises, municipalities and regions, rebuilding infrastructure and the green and digital transitions.

• Who runs it: the European Commission, which signs guarantee and grant agreements with financial institutions (for example, a guarantee agreement with the EIB Group).
• What it finances: recovery and reconstruction projects, through EU budget guarantees and blended grants and loans.
• How to approach it: the Commission’s page has no application route for companies. UIF support reaches businesses through partner institutions: in 2026, for instance, the EBRD reported new UIF guarantees for lending to small businesses through its partner banks in Ukraine, and UIF backing for a war-risk insurance facility.

The United States–Ukraine Reconstruction Investment Fund, often searched as the “Ukraine reconstruction investment fund” or “DFC Ukraine fund”, is a joint vehicle of the two governments. Ukraine’s Ministry of Economy announced its launch on 23 May 2025: the US side is represented by the US International Development Finance Corporation (DFC), and the fund invests money contributed by both countries. The Ukrainian government reported that DFC put in USD 75 million of seed capital and Ukraine matches it, for USD 150 million of initial capital.

• Who runs it: a joint US-Ukrainian board, which held its first meeting in September 2025 and is chaired by DFC. In December 2025 DFC announced that the fund was fully operational.
• What it finances: projects in Ukraine only. The stated priorities are critical minerals (upstream and midstream), energy (generation, transmission and hydrocarbon extraction), transport and logistics, information and communications technology, and emerging technologies.
• Type of money: the fund may invest across the capital structure, but says it will prioritise equity and equity-like investments in its early years.
• Who can apply: companies and investors with projects in the fund’s target sectors that are ready to raise financing (Ministry of Economy).
• How to apply: since January 2026, proposals are submitted through the fund’s online portal, urifinvest.com, linked from DFC’s and the Ministry of Economy’s announcements.

Apart from URIF, DFC can support projects in Ukraine with its own products. Its website lists debt, guaranties, insurance, equity, funds and project development. Its political risk insurance covers losses from currency inconvertibility, government interference and political violence, including terrorism.

• Who runs it: DFC, the US government’s development finance institution.
• Who can apply: DFC’s eligibility checklist asks whether the project is in a country where DFC programmes are available, meets its environmental and social standards, produces development outcomes in line with DFC priorities or US foreign policy goals, has a sponsor with a successful track record in the industry, and has already sought financing from private lenders.
• How to apply: through the application form on DFC’s website, after going through the checklist.

The European Bank for Reconstruction and Development calls itself the largest institutional investor in Ukraine. Its wartime priorities are energy security, vital infrastructure, food security, trade and support for the private sector, and the private sector makes up 49% of its Ukrainian portfolio. It works with corporates, financial institutions and infrastructure projects.

• Direct financing: a company files a financing enquiry on the EBRD website. The bank says it considers enquiries from enterprises that meet its key criteria (set out in its guide to EBRD financing) and replies within seven working days.
• Through banks: smaller businesses get EBRD money as loans from its partner financial institutions in Ukraine, often with EU guarantees.
• War-risk insurance: the EBRD guarantees reinsurance for war-risk policies written by participating Ukrainian insurers. In October 2026 it announced, with the EU, an expansion that also covers goods in temporary warehouse storage and the transport and storage of gas-related assets. A business gets this cover from a participating insurer, not from the EBRD.
• Contacts: the EBRD has an office in Kyiv; the contacts are on its Ukraine page.

The European Investment Bank Group says it has financed more than EUR 4.5 billion for Ukraine’s most urgent needs since 2022: power grids, electricity and heating, clean water, schools and hospitals, railways and other transport, and businesses. Much of this is backed by EU guarantees, and recovery programmes for municipalities are run together with the Ukrainian authorities and the UN Development Programme.

• Who it finances: much of the money goes to public infrastructure and municipal services; businesses are reached mainly through loans from Ukrainian banks and through EU-backed private equity.
• EU for Ukraine Fund: set up in 2023, it finances public- and private-sector recovery projects.
• How to approach it: the EIB’s Ukraine page does not describe a direct application route for companies. For a business, the practical step is to ask a Ukrainian bank whether it has an EIB-backed credit line.

IFC, the World Bank Group’s private-sector arm, launched a USD 2 billion package for Ukraine’s private sector in December 2022; its Ukraine page refers to this work as the Economic Resilience Action (ERA) programme. It started with short-term tools such as guarantees and liquidity and is moving to longer-term financing, including capital investment in food production, construction materials, energy, shipping and digital infrastructure.

• Who can apply to IFC: a privately owned project in a developing member country that is technically sound, likely to be profitable, benefits the local economy and meets environmental and social standards. IFC does not lend directly to small and medium-sized enterprises; it reaches them through financial intermediaries.
• How to apply to IFC: there is no standard form. You send an investment proposal (project, sponsors, market, technical feasibility, financing structure and the IFC product requested, timetable) to an industry department or the nearest IFC office.

MIGA, the World Bank Group’s guarantee agency, insures private investments in Ukraine against political and war risk, including war damage, and supports trade finance and bank lending. To increase its capacity in Ukraine it uses SURE (Support to Ukraine’s Reconstruction and Economy), a trust fund financed by donor countries.

• Who can apply to MIGA: corporations, financial institutions and commercially run state-owned enterprises investing from a MIGA member country into a developing member country. Eligible investments include equity, shareholder loans, guarantees and non-shareholder loans with a maturity of at least one year.
• How to apply: start with a free, confidential preliminary application through MIGA’s client portal; a definitive application follows if the project is eligible.

UkraineInvest is not a fund, but it is often the first official contact for a foreign investor. It began in 2018 as a consultative body reporting to the Prime Minister and is now a government institution. Its services are free: information on doing business in Ukraine, help identifying investment opportunities, guidance through government agencies and help with systemic problems. It does not give tax or legal advice.

1. Describe the project in two pages: what will be built or bought, the total cost, how much you invest yourself and what you need from outside.
2. Match the project to the institution: sector priorities (URIF), size and direct access (EBRD, IFC, DFC), or a bank loan backed by an international credit line (for smaller companies).
3. Check eligibility rules that depend on you: MIGA covers investors from its member countries, DFC asks about alignment with US priorities, IFC wants majority private ownership.
4. Prepare documents the lender will ask for: title to assets and land, permits, financial statements, records of war damage, environmental and social information.
5. Think about war-risk cover early: an insurer’s requirements can change the deal structure.