Press releases
European Flagship Fund for the Reconstruction of Ukraine Announces c.€260m in Commitments to Support Ukraine's Recovery
25 Jun 2026
As Europe mobilises behind Ukraine's recovery, the European Flagship Fund for the Reconstruction of Ukraine is bringing together leading development finance institutions to catalyse private capital to invest in the country's most critical sectors.
Gdańsk, 25 June 2026 - The European Flagship Fund for the Reconstruction of Ukraine (UFF, the Fund), the European Union's flagship vehicle for channeling equity capital into Ukraine's reconstruction, announces approximately €260 million in commitments. Out of this, €220 million is subordinated equity funded by the European Commission and the four anchor Member States of France, Germany, Italy and Poland, provided through national DFIs and the European Investment Bank (EIB) as catalytic funding to mobilise private capital.
The Fund will support Ukraine's recovery by modernising critical infrastructure and backing private enterprises essential to reconstruction and job creation, with investments expected to strengthen growth and resilience in the energy sector, improve digital infrastructure and services, and support the continued development of transport and logistics. The Fund will also support Ukrainian small and medium-sized enterprises (‘SMEs’) and larger businesses through a dedicated private equity investment sleeve aimed at enhancing Ukraine’s economic potential.
Today, commitments have been announced and relevant agreements and acknowledgements have been signed by the EIB, German KfW, Italian Cassa Depositi e Prestiti (CDP), Polish Bank Gospodarstwa Krajowego (BGK), and French Proparco, as limited partners. Fund sponsors Amber Infrastructure and Dragon Capital are also making commitments to the Fund as co-managers, underlining their own conviction in the Fund's goals.
The undertakings demonstrate substantial investor confidence in the Fund's strategy and the long-term potential of Ukraine's recovery. The coalition of investors - spanning the EU's own lending institution alongside the development banks of Germany, Italy, France and Poland - sends a powerful signal of European institutional commitment to Ukraine's future and is expected to encourage private sector investment in the country’s reconstruction through the Fund. The World Bank estimates Ukraine's reconstruction needs at over $524 billion, with a critical gap in equity financing across energy, transport, digital infrastructure, and businesses from other sectors that strengthen the country’s productive capacity. The Fund will increase access to equity capital, enabling its deployment into these essential sectors at a moment when domestic capital remains severely scarce.
As co-managers, Amber Infrastructure and Dragon Capital bring complementary strengths to UFF: Amber's demonstrated expertise in international infrastructure investment and a strong track record across Central and Eastern European markets, having overseen the investment of c.€1 billion across the region, and Dragon Capital's unmatched on-the-ground presence and over 25 years of investment leadership in Ukraine. Since 2000, Dragon Capital has invested over €1.2 billion in the Ukrainian economy, including close to €200 million since Russia's full-scale invasion in 2022.
Amber Infrastructure and Dragon Capital have worked closely together for approximately two years, building a strong partnership focused on supporting Ukraine’s reconstruction and long-term economic recovery. This collaboration has recently culminated in the successful first close of the Amber Dragon Ukraine Infrastructure Fund (ADUIF1), the first dedicated infrastructure fund focused on Ukraine’s recovery and rebuilding efforts. In parallel, Dragon Capital also achieved the first close of the Rebuild Ukraine Fund (REBUF), a private equity fund designed to mobilise capital into SMEs and larger businesses across strategic sectors shaping Ukraine’s recovery-led development. Together, these milestones demonstrate the partners’ shared commitment to attracting institutional investment and delivering both infrastructure and private equity solutions to support Ukraine’s recovery and future growth.
The commitment of leading European development finance institutions, combined with the Fund managers' extensive expertise on the ground, is expected to drive capital deployment even during wartime and send a strong signal of confidence in Ukraine's recovery. The depth of institutional support behind the Fund reflects the immediate demands of Ukraine's reconstruction and a shared conviction that the UFF provides the right vehicle to meet them.
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Investor interest in Ukraine’s reconstruction is already very strong. Nearly a thousand companies have joined us in Gdańsk for the Ukraine Recovery Conference. The new Fund will help unlock further investment and, together with the reforms that come with EU accession, turn Ukraine into an economic powerhouse
Marta Kos
European Commissioner for Enlargement
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The European Flagship Fund for the Reconstruction of Ukraine demonstrates how Team Europe – the European Commission, the EIB and our European development finance partners – can work together to mobilise the long-term investment Ukraine needs to recover and grow. By combining public commitment with private capital, we are supporting the infrastructure, businesses and innovation that will strengthen Ukraine’s resilience and competitiveness. This Fund sends a clear signal that Europe is committed to investing in Ukraine’s future
Karl Nehammer
Vice-President of the European Investment Bank
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Through this initiative, CDP reaffirms its commitment to supporting Ukraine’s recovery as part of a coordinated Team Europe response, building on the momentum of the Ukraine Recovery Conference in Rome. By contributing to the Fund, we aim to mobilise patient capital at scale, unlock private investment and strengthen Ukraine’s productive capacity, helping lay the foundations for a resilient, inclusive and sustainable long-term recovery
Giulio Dal Magro
Head of Sovereigns, Blending and Technical Assistance at CDP
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BGK’s participation in the European Flagship Fund for the Reconstruction of Ukraine is an expression of our long-term commitment to Ukraine’s reconstruction, as well as to the stability and resilience of Central and Eastern Europe. Together with our European partners, we are creating an instrument that combines public capital with the potential of private investors. It is a tool through which we effectively support the modernisation of Ukraine’s economy and create conditions that will also enable Polish businesses to benefit
Mirosław Czekaj
President of the Management Board of BGK
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Proparco, representing the French Republic, is proud to support the European Flagship Fund initiative, backed by the European Commission, through a EUR 15 million commitment as Anchor Investor alongside EIB, Germany (via KfW), Italy (via CDP) and Poland (via BGK) in the EUR 220 million first loss tranche. In doing so, France is playing a key role as anchor investor in the Fund, fully aligned with the objectives of the EU’s Ukraine Investment Framework and its own mandate. The fund represents an important milestone in supporting Ukraine’s reconstruction while catalyzing much-needed private capital. Investing in core infrastructure and supporting businesses is essential to the country’s long-term recovery and resilience. Finally, we are very proud to be at the forefront of this European landmark initiative and to stand with Ukraine
Claudia Martinez Ochoa
Head of Private Equity for Asia, Latin America and Eastern Europe at Proparco
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The UFF gives institutional investors a credible, well-structured vehicle to participate in Ukraine's recovery at a critical moment. The calibre of institutions committing to this Fund reflects not just confidence in our strategy, but a genuine shared belief in Ukraine's long-term potential. Together with Dragon Capital, we are committed to deploying this capital effectively and responsibly, into a bankable pipeline of projects that require equity partners
Dominykas Tuckus
Fund Lead and Managing Director at Amber Infrastructure
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Ukraine's reconstruction cannot wait. Commitments from prominent financial institutions confirm that the international investment community understands both the urgency and the opportunity. Dragon Capital has been successfully investing in Ukraine for 25 years. We have a qualified team on the ground, the pipeline, and the capacity to deploy this capital effectively, and we are proud to be managing the Fund alongside our partners at Amber Infrastructure
Eugene Baranov
Fund Lead and Head of Infrastructure at Dragon Capital
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The Fund will build on Dragon Capital’s and Amber’s established investment platforms in Ukraine, bringing together our infrastructure and private equity expertise. It will provide exposure to a diversified portfolio of sectors supporting Ukraine’s reconstruction, including through a dedicated generalist private equity strategy investing in SMEs and larger businesses. Together with our partners at Amber, we aim to unlock the potential of Ukrainian companies and help mobilize additional private capital into Ukraine
Andrii Nosok
Fund Lead and Head of Private Equity at Dragon Capital
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 $39 billion in assets under management and over 300 employees with offices in eight US cities and eleven 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 11 countries, Amber manages over 200 infrastructure investments representing total assets under management (‘AUM’) of £14 billion as at 31 December 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 with $1 billion of assets under management. In the last decade, the firm has deployed over $700 million in private equity and real estate in Ukraine in partnership with major global investors. Founded in 2000 by Tomas Fiala, Dragon Capital leverages market-leading expertise of 200+ qualified local and international professionals. Currently managing six industry-focused funds and investment vehicles, Dragon Capital has been an active and successful investor with a diverse portfolio focused on real estate, machine building, food and beverage, e-commerce, pharmaceuticals, fintech and financial services. Remaining in Kyiv during the large-scale war in Ukraine, the team continuously ensures seamless investor connectivity and investment operations on the ground.
About 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, EIB Group support to Ukraine has reached €4.5 billion. 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 CDP
Cassa Depositi e Prestiti is the National Promotional Institute which has been supporting the Italian economy since 1850. The main goal of CDP is to accelerate the industrial and infrastructural development of Italy to boost its economic and social growth. CDP focuses its activities on sustainable development at local level, supporting the innovation and growth of Italian enterprises, also in the international arena. It partners local authorities, in a financing and advisory capacity, to create infrastructures and improve services of public value. CDP also participates actively in international cooperation initiatives to realize projects in developing countries and emerging markets. Cassa Depositi e Prestiti is entirely financed by private capital, through the issuing of Postal Savings Bonds and Postal Savings Passbooks, and through issues on national and international financial markets.
About BGK
Bank Gospodarstwa Krajowego (BGK) is a Polish development bank, that supports the country’s sustainable economic and social growth. Operating for over a century, BGK finances investments in infrastructure, housing or entrepreneurship. It is also involved in strategic initiatives, including defense and energy transition. The bank works with both the public and private sectors, mobilizing capital to fund projects that address key national challenges. BGK has international offices in Brussels, Kyiv, and Frankfurt am Main. It plays an important role in implementing EU Funds and Poland’s National Recovery Plan.
About Proparco
Proparco is France’s development finance institution dedicated to the private sector and part of the French Development Agency (AFD) Group. For over 50 years, it has supported sustainable economic, social, and environmental development across Africa, Asia, Latin America, Eurasia, and the Middle East, by financing companies and financial institutions in more than 115 countries.
Its activities focus on key sectors including renewable energy, infrastructure, agribusiness, healthcare, and education. Proparco offers a range of financial solutions—loans, guarantees, and investments—as well as technical assistance through its Propulse program. Its subsidiary Digital Africa supports early-stage African tech startups.
With 26 local offices worldwide, Proparco works closely with its partners to build a more just and sustainable world.
More information: proparco.fr/en | LinkedIn: @Proparco | WhatsApp : Proparco
