ADUIF1 Announces Approximately €200 Million in Commitments to Support Ukraine’s Recovery

To help rebuild and modernize Ukraine’s critical infrastructure amid an estimated $524 billion in reconstruction needs^[1], the Amber Dragon Ukraine Infrastructure Fund I is providing a first-of-its-kind mechanism to mobilise large-scale institutional capital. Backed by leading development finance institutions, the Fund is channeling essential capital into priority infrastructure investments across the country.

Davos, 21 January 2026 – The Amber Dragon Ukraine Infrastructure Fund I (ADUIF, the Fund), the first-ever specialised infrastructure fund investing fully in Ukraine, will reach its first close with approximately €200 million in commitments, representing more than 55% of its target €350 million size.

The critical infrastructure projects supported by the Fund are expected to help stabilize emergency energy supply, strengthen digital infrastructure and services, and ease bottlenecks in transport and logistics. The Fund will also support Ukraine’s recovery by modernising essential infrastructure that is central to reconstruction and job creation. 

Pending a few final closing conditions, the Fund will receive commitments from the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the International Finance Corporation (IFC), Swedfund, Impact Fund Denmark, and fund sponsors Amber Infrastructure and Dragon Capital. 

Part of IFC’s investment in the Fund will be covered by guarantees from the European Commission and the Government of France. 
The high level of commitments at first close demonstrates substantial investor confidence in ADUIF’s strategy and the long-term potential of Ukraine’s infrastructure sector. The Fund will increase access to equity capital, enabling its deployment into renewable energy, transport, and digital infrastructure, essential sectors to Ukraine’s resilience and reconstruction. 

As long-term partners, Amber Infrastructure and Dragon Capital bring complementary strengths: Amber’s long-standing experience in global infrastructure including in the neighbouring Central and Eastern European markets, having overseen the investment of c.€1bn across the region, and Dragon Capital’s decades of investment leadership and on-the-ground presence in Ukraine. Since Russia's full-scale invasion in 2022, Dragon Capital has invested over $100 million in the Ukrainian economy, demonstrating sustained commitment to the country's economic future.  

The anchor commitments from leading global and EU development finance institutions, combined with the capabilities of the fund managers, are expected to catalyse capital deployment even during wartime and send a strong signal of confidence in Ukraine’s recovery. The first close investors are demonstrating conviction, leadership and a willingness to support Ukraine in a meaningful way when it matters most, helping to enable further private capital and long-term reconstruction.

Signing the agreement in Davos, EBRD First Vice President, Greg Guyett said: “Ukraine’s infrastructure has faced unprecedented challenges in wartime, and rebuilding it to modern, sustainable standards is central to the country’s reconstruction planning. By supporting Amber Dragon Ukraine Infrastructure Fund I, the EBRD is reinforcing its commitment to Ukraine’s reconstruction and resilience, while promoting the private sector’s participation in critical sectors.”

Andrew McDowell Director General of EIB Global said: “Our contribution to the Amber Dragon Ukraine Infrastructure Fund, alongside our partners, sends a clear signal: the European Union is standing with Ukraine by investing together in the infrastructure that will power its recovery. Together, we are mobilising private investment to rebuild critical infrastructure and strengthen the country’s long-term resilience.”

“Ukraine’s reconstruction depends on mobilising private capital alongside public resources. IFC’s support for the Amber Dragon Ukraine Infrastructure Fund helps channel private investment into critical infrastructure, keeping essential services running, sustaining jobs, and enabling businesses and communities to recover at a time when local equity capital is scarce.” Makhtar Diop, IFC Managing Director

“People and companies cannot rebuild their lives or their businesses without functioning infrastructure. Through this investment, we support Ukraine’s ability to restore essential services, strengthen energy security and continue its climate transition in an extremely challenging context.” says Gunilla Nilsson, Investment Director for Energy & Climate at Swedfund

Svitlana Babak Andersen, Managing Director at Impact Fund Denmark said: "Helping Ukraine endure requires more than defence support alone. It means acting now to keep vital systems running – energy, connectivity, logistics so the country can function under pressure. This Fund strengthens resilience where it matters most, while laying the groundwork for long-term, sustainable economic development."

Dominykas Tuckus, Fund Lead and Senior Investment Director at Amber Infrastructure said: "This Fund demonstrates that private capital can play a meaningful role in Ukraine's infrastructure development, even in the most challenging circumstances. Amber's experience across Central and Eastern Europe positions us well to support Ukraine's integration into European infrastructure networks while delivering sustainable returns for our investors." 

Eugene Baranov, Fund Lead and Head of Infrastructure at Dragon Capital said “Ukraine's infrastructure reconstruction requires both international capital and local expertise to succeed. Dragon Capital brings over two decades of investment experience in Ukraine and a team on the ground who understand how to execute in this complex environment. This Fund creates the structure to channel significant institutional capital into critical infrastructure projects that will support Ukraine's economic stability and its path toward European integration."

_{[1] https://www.worldbank.org/en/news/press-release/2025/02/25/updated-ukraine-recovery-and-reconstruction-needs-assessment-released}

ENDS

About Amber Infrastructure
Amber is part of Boyd Watterson Global Asset Management Group LLC (‘Boyd’), a global diversified infrastructure, real estate and fixed income business with over $36 billion in assets under management and over 300 employees with offices in eight US cities and twelve countries.

Amber itself is a specialist international investment manager focused on investment, asset management and fund management. Amber currently manages or advises nine funds and managed accounts (two listed and seven private) with c.£5 billion in funds under management. With a presence across 12 countries, Amber manages over 200 infrastructure investments representing total assets under management (‘AUM’) of £14 billion (c.$19 billion) as at 30 June 2025. Amber’s core business focuses on managing infrastructure assets across the public, transport, energy, digital and demographic infrastructure sectors internationally. Amber is headquartered in London with offices in Europe, North America, Australia and New Zealand. 

About Dragon Capital
Dragon Capital is one of the most active independent private investment management and investment banking firms operating in Ukraine. It is an existing EBRD client.  Founded in 2000, Dragon Capital has close to 30 years of experience in managing funds and investing in Ukraine’s leading manufacturers of goods and service providers, as well as in landmark residential and commercial real estate projects.

About the EBRD 
The EBRD works across three continents to support the transition to successful market economies. Its focus is on delivering prosperity by enabling a well-run and sustainable private sector, through a unique business model combining financing, advice and policy reform. As Ukraine’s largest institutional investor, the Bank has stood firmly by Ukraine in wartime, substantially raising investment levels since 2022 in support of energy security, vital infrastructure, food security, trade and the private sector. It has deployed more than €9 million in Ukraine in wartime. 

About the EIB
The European Investment Bank (EIB), the bank of the European Union, has been active in Ukraine since 2007. Following Russia’s full-scale invasion in 2022, the Bank significantly stepped up its support to strengthen the country’s resilience and help rebuild critical infrastructure. Since then, the EIB has provided more than €4 billion in financing to Ukraine. Through its EU for Ukraine (EU4U) Initiative, and its key role in implementing the Ukraine Investment Framework – a dedicated window under the Ukraine Facility, the European Union’s €50 billion financial assistance programme for Ukraine – the EIB is firmly committed to accelerating its activities. This work is carried out in line with the mandate given by EU leaders and in close cooperation with the European Commission, the European Parliament, EU Member States and international partners. 

About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2025, IFC committed a record $71.7 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit www.ifc.org 
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About Swedfund
Swedfund is Sweden’s development finance institution and a key part of the country’s development cooperation. It invests in sustainable businesses in developing countries to reduce poverty, create decent jobs and strengthen local economies. Swedfund also supports public sector project development through its Project Accelerator, enabling feasibility studies and capacity building for essential infrastructure. The work promotes gender equality, digitalisation, climate action and financial inclusion, and supports the 2030 Agenda and the Paris Agreement by mobilising private capital for long-term development impact. For more information please visit: www.swedfund.se/en
 
About Impact Fund Denmark
Impact Fund Denmark (formerly Investment Fund for Developing Countries, IFU) is a Danish impact investor contributing to green, just and inclusive societies as well as supporting the Sustainable Development Goals. Impact Fund Denmark provides risk capital to companies operating in developing countries across Africa, Asia, Latin America and parts of Europe. Investments are made on commercial terms in the form of equity, loans and guarantees. Impact Fund Denmark has co-invested in over 1,300 companies in more than 100 developing countries and emerging markets. Capital under management will be growing from EUR 2.4 billion to EUR 5.0 billion towards 2030. Read more at www.impactfund.dk