Ukraine Investment Framework

Overview

The Ukraine Investment Framework is part of the €50 billion EU’s Ukraine Facility

designed to attract public and private investments for the recovery and reconstruction of Ukraine.

It is endowed with financial instruments totalling €9.3 billion, with €7.8 billion in loan guarantees and €1.5 billion in blended finance.

The aim of the Ukraine Investment Framework is to mobilise €40 billion of investments for the recovery, reconstruction, and modernisation.

How the Ukraine Investment Framework works

The Ukraine Investment Framework follows the policy priorities outlined in the Ukraine Facility Regulation. In particular, Article 3 of the Regulation details the objectives, including addressing the social, economic and environmental consequences of Russia’s war of aggression, foster social and territorial cohesion, democratic, economic and environment resilience as well as, adopt and implement the political, institutional, legal, administrative, social and economic reforms. General principles of the Facility are presented in Article 4, which encompasses effectiveness principles and Ukrainian ownership, complementarity with other EU support, coordination of support between donors, compliance with environmental standards, alignment with Ukraine’s National Energy and Climate Plan, inclusive consultations involving the Ukrainian Parliament (‘Verkhovna Rada’), local authorities and civil society, as well as transparency and accountability.

The Regulation also defines horizontal targets, notably a target of at least 20% for green investment, as well as the minimum 15% target for support to start-ups, micro, small and medium-sized enterprises.

Proposed investment projects must be aligned with Ukraine’s priorities, as expressed in the Ukraine Plan as well as relevant national strategies. Ukraine will prioritise planning of public investments through its reformed Public Investment Management System, which includes the development of a Single Project Pipeline (SPP).

The Ukraine Investment Framework is implemented in indirect management by European Financial 

Institutions and multilateral Financial Institutions that have been already pillar-assessed

by the European Commission. These include the European Investment Bank Group, European Bank for Reconstruction and Development, International Finance Corporation, Council of Europe Development Bank, and bilateral financial institutions such as Member States’ development banks and export credit agencies.

Through these institutions, the Ukraine Investment Framework provides risk-coverage to unlock public and private investments in Ukraine already now. It can also provide investment grants and technical assistance to make these investments possible.

The Ukraine Investment Framework is governed by the Steering Board, which provides strategic and operational guidance for its implementation. It includes representatives of the European Commission and of each EU Member State. The Government of Ukraine, European Parliament and the Verkhovna Rada have an observer status.

At its first meeting in April 2024, the Steering Board approved the Strategic Orientations

of the UKRAINE INVESTMENT FRAMEWORK, outlining a set of horizontal priorities as well as priority investments areas of the based on the Ukraine Plan for recovery, reconstruction and modernisation.

Delivering impact now: investments powering Ukraine’s ongoing recovery, reconstruction and modernisation

Since its launch in 2024, the Ukraine Investment Framework has become a cornerstone of the EU’s support for Ukraine’s recovery, reconstruction, and long-term growth. By mobilising strategic investments, it helps rebuild critical infrastructure, strengthen key economic sectors, and create new opportunities for businesses and communities across the country. 

The results are tangible and directly benefit the people of Ukraine – creating new jobs, delivering electricity, heat and clean water, supporting affordable housing, building bomb shelters, rehabilitating war-damaged infrastructure and more. 

In the public sector, the Ukraine Investment Framework helps repair and modernise the electricity grid, investing in energy connectivity and protection of critical infrastructure. It finances municipal utilities, providing heating, clean water and public transport, building affordable municipal housing and shelter for displaced persons, rehabilitating public buildings, improving healthcare services and modernising hospitals. It helps boost Ukraine’s transport connectivity, upgrade roads, rail, ports and logistics, linking Ukraine with the EU. 

On the private sector side, the Ukraine Investment Framework unlocks private capital at scale and mobilises Foreign Direct Investment in areas such as green and renewable energy, digitalisation, manufacturing, agri-business and value chain industries. It backs private investment in strategic industries, critical raw materials and dual-use technologies. It also supports access to finance for war-affected and most vulnerable groups, leaving no-one behind. It finances war-veterans, displaced persons, women and youth, mobilising financing for businesses in front-line territories, supporting de-mining and micro-businesses. 

Thus far, EUR 5.7 billion in guarantees and blended finance grants have been delivered by the European Commission under the Ukraine Investment Framework, mobilising a total of EUR 18 billion in investments for recovery, reconstruction and modernisation:

• First investment agreements were delivered at the Ukraine Recovery Conference 2024 amounting to EUR 1.4 billion in EU support that leverages over EUR 6 billion in investments;
• In March 2025 the European Commission signed a dedicated guarantee with the European Investment Bank enabling EUR 2 billion in financing for public investments;
• Second set of investment agreements was signed at the Ukraine Recovery Conference 2025 worth EUR 2.3 billion in EU funding, mobilising over EUR 10 billion in investments.

First investment agreements signed at Ukraine Recovery Conference 2024

In June 2024 at the Ukraine Recovery Conference (URC) in Berlin, the European Commission signed first investment programmes under the Ukraine Investment Framework amounting to EUR 1.4 billion in new guarantee and grant agreements to support Ukraine's recovery and reconstruction.

These agreements, comprise of EUR 1 billion of EU loan guarantees and EUR 400 million of EU blended finance grants, and benefit private companies, including small and medium-sized enterprises, municipalities and Ukrainian state-owned enterprises. In total, the supported programmes aim to unlock EUR 6 billion in investments.

European Commission and EIB Group sign €2 billion guarantee under Ukraine Facility to support country’s reconstruction and resilience

The European Investment Bank (EIB) Group and the European Commission signed a guarantee agreement at the EIB Group Forum that will allow the EIB to invest at least €2 billion in urgent recovery and reconstruction efforts in Ukraine. 

The funds will support public sector operations across key sectors. Investments will focus on strengthening Ukraine’s energy networks, including energy grids, expanding hydropower and renewable energy production, and improving energy efficiency. They will also go toward modernising railways, improving urban public transport, and upgrading transport connectivity, including EU-Ukraine Solidarity Lanes and border crossing points along key export routes. In addition, the financing will help restore municipal infrastructure, such as water and heating systems, public lighting, as well schools, hospitals and higher education institutions.

From investments to tangible results: success stories rebuilding lives and revitalising the economy

Keeping the lights on with war-resilient energy grid

Ukraine faces hundreds of attacks on its power system, but new investments are strengthening resilience against aerial attacks. The EU provided €100 million in blending grants to enable lending of EUR 250 million by KfW – German Development Bank for the repair, war-proofing and modernisation of Ukraine’s electricity network. The financing is used to restore high-voltage transformers destroyed by attacks and to construct protective shelters for critical energy infrastructure, improving the grid’s resilience against Russia’s aerial attacks and enabling steady supply of electricity to Ukrainians. 

Unlocking the largest Foreign Direct Investment in the last two decades

With support of EU guarantees, the French holding NJJ invested EUR 1.5 billion into Ukraine’s telecoms, acquiring and merging two leading Ukrainian telecom providers – Lifecell and Datagroup-Volia – into a single integrated operator. Backed by financing from the International Finance Corporation (IFC) and European Bank for Reconstruction and Development (EBRD), the investment will modernise telecom infrastructure, enhance network resilience, and restore connections in war-affected areas, including liberated territories. As a result, over 10 million people will benefit from improved mobile connectivity, and 4 million households will gain access to faster, more reliable internet – strengthening Ukraine’s digital economy even amid ongoing conflict.

Rising from ashes: reviving a paper factory after Russian destruction 

At the onset of the Russian invasion, the Amethyst paper factory in Chernihiv was destroyed by a missile strike, resulting in the loss of over 5,000 m² of production space and 2,000 tonnes of finished goods. The company was declared bankrupt. Thanks to EU guaranteed financing provided through BGK – Polish Development Bank, the paper factory secured a recovery loan to purchase new machinery, restore operations, and resume exports. Today, the factory is back in production, operating at 70% of its pre-war capacity. Construction of a new facility is underway, supporting local jobs and revitalising Ukraine’s industrial base in one of the regions hardest hit by the war.

Second investment agreements delivered at the Ukraine Recovery Conference 2025

EU announces new €2.3 billion agreements package at the Ukraine Recovery Conference 2025

In July 2025 at the Ukraine Recovery Conference in Rome the European Commission delivered investment agreements worth EUR 2.3 billion in EU guarantee and grants aiming to unlock over 10 billion in investments. The resulting public and private investments will play a key role in driving economic recovery, reconstruction and growth, while also enhancing energy security and resilience, advancing the green and digital transitions, and fostering social cohesion.  

These agreements – comprising some €1.8 billion in loan guarantees and €580 million in blended finance grants – will benefit public authorities, municipalities, private companies, including micro, small and medium-sized enterprises (MSMEs) as well as Ukrainian citizens.