Overview
The Ukraine Investment Framework (UIF) is part of the EU’s €50 billion Ukraine Facility designed to attract public and private investments for the recovery and reconstruction of Ukraine. With a capacity of €9.6 billion (€7.8 billion of guarantee cover and €1.8 billion of blended financing (grants)) it aims to mobilise up to €40 billion of investments for Ukraine’s recovery, reconstruction, and modernisation, while advancing its EU integration.
How the Ukraine Investment Framework works
The UIF provides budgetary guarantees, investment grants, technical assistance and financial instruments to eligible financial institutions which leverage other sources of finance to support beneficiaries. Through investment programmes, the EU and eligible financial institutions work hand in hand to support new investments in Ukraine.
The Ukraine Investment Framework is governed by the UIF Steering Board that provides strategic and operational guidance for its implementation. It comprises representatives of the European Commission and each EU Member State, while the Government of Ukraine, the European Parliament, the Verkhovna Rada and Norway participate as observers.
The Steering Board is responsible for approving new programmes submitted by eligible financial institutions. This mechanism ensures a coordinated approach to receiving applications from partners, as well as a harmonised process for the assessment and approval.
Proposed investment programmes must be aligned with Ukraine’s priorities, as outlined in the Ukraine Plan and relevant national strategies. Accordingly, the UIF is implemented in close consultation with the Government of Ukraine, which plays a significant role throughout the entire process.
The Ukraine Investment Framework is implemented in indirect management by eligible financial institutions that have been pillar-assessed by the European Commission. These include the European Investment Bank Group, multilateral financial institutions, (e.g. European Bank for Reconstruction and Development, International Finance Corporation, Council of Europe Development Bank) and European development banks (e.g. Poland’s Bank Gospodarstwa Krajowego, Germany’s Kreditanstalt für Wiederaufbau, France’s Agence Française de Développement).
To provide swift support to Ukraine, the EU first extended existing programmes (top-ups) run by financial institutions. It then quickly scaled up its efforts through new investment programmes.
The investment programmes are focused on the following sectors, defined in the UIF Strategic Orientations and endorsed by the UIF Steering Board in April 2024:
- Energy,
- SMEs and access to finance,
- Human capital,
- Transport,
- Agri-food,
- Digital transformation,
- Green transition,
- Strategic investment and industries, incl. dual-use goods.
The Ukraine Facility Regulation defines key quantitative targets, including:
- at least 20% of funding under the UIF together with investments under the Ukraine Plan must be allocated to green investment,
- a minimum 15% of the guarantee capacity intended to support micro, small and medium-sized enterprises (MSMEs).
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. During the severe winter 2025/2026, which was exacerbated by the systematic destruction of Ukraine’s gas infrastructure by Russia, the UIF supported the Ukrainian people in securing heating through enabling a gas purchase worth €800 million.
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, and dual-use technologies. It also supports access to finance for war-affected and most vulnerable groups, leaving no-one behind. It supports war veterans, displaced persons, women and youth, mobilising financing for businesses in front-line territories, supporting de-mining and micro-businesses.
Thus far, €8.5 billion in guarantees and blended finance grants have been allocated by the European Commission under the Ukraine Investment Framework, mobilising a total of €25.7 billion in investments for recovery, reconstruction and modernisation.
Calls for Expressions of Interest
Since November 2024, the European Commission has launched two Calls for Expressions of Interests to invest in Ukraine in line with EU strategic areas of interest and policy priorities.
The objective of these calls was to enter dialogue with EU/EEA and Ukrainian private companies on concrete investment opportunities and related constraints in Ukraine. The calls were opened for strategic sectors such as energy, critical raw materials, manufacturing and processing industry, digital, transport.
Based on assessment criteria, subsequent contact with partner Financial Institutions was facilitated for potential financial cooperation. This dialogue was aimed at building a pipeline of transformative private investments in Ukraine. Under the first Call for Expressions of Interest, open to EU/EEA businesses, a total of 113 investment projects in Ukraine were submitted.
Projects that received a positive evaluation have been matched with UIF implementing partners and are currently being considered for financing under UIF investment programmes.
The subsequent Call for Expressions of Interest was announced at the EU–Ukraine Business Summit 2026 in Brussels. This call is organised for both European and Ukrainian businesses on a rolling basis, without a predefined deadline.
Businesses seeking large-scale investment financing to boost production capacities, expand operations, or acquire necessary equipment are invited to follow upcoming activities and events of the European Commission or to contact us directly at: ENEST-UIF
ec [dot] europa [dot] eu (ENEST-UIF[at]ec[dot]europa[dot]eu).
Find out more about the UIF's milestones here.
From investments to tangible results: success stories rebuilding lives and revitalising the economy
Keeping Cherkasy moving with green transport
Cherkasyelektrotrans, the city of Cherkasy's public transport provider sought to upgrade and modernise its urban network to address wartime mobility challenges, including displacement.
The EU backed loan of €16 million from EBRD to the City of Cherkasy has helped finance new low-floor trolleybuses, modernise infrastructure, and extend or realign three trolleybus routes while improving accessibility and air quality.
The investment supports greener cities and internally displaced people and passengers with limited mobility (including veterans) and strengthens the resilience of essential municipal services.
Cherkasyelektrotrans works in partnership with the UN Women’s "She Drives" programme, which will train and certify women and young people as trolleybus drivers.
Solar energy support for Kernel Group
Kernel Group is a leading Ukrainian agribusiness group, engaged in oilseed crushing, grain trading, crop farming, transhipment and silo services.
The Group’s proceeds will be used to finance the construction of a 106MW solar park and the installation of a battery energy storage system, which is expected to benefit from a partial first loss risk cover from the European Union via the UIF.
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 €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 €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.