International cooperation: G2G agreements and World Bank support

In 2025, Ukraine secured large-scale international financial resources for economic recovery, business support and the development of strategic sectors. Work with partners covered intergovernmental agreements (G2G), European Union programmes, initiatives by international financial institutions, grant instruments and results-based budget financing.

Under a grant agreement between the governments of Ukraine and the French Republic, 19 projects worth approximately EUR 200 million were launched in strategic sectors of the economy, aimed at restoring critical infrastructure and developing priority sectors. In parallel with the Swiss Government, 12 joint Ukrainian-Swiss projects worth over CHF 93 million have been launched under the first SECO competition, aimed at increasing economic resilience and supporting the private sector.

An important result of the year was the receipt of USD 290 million from the World Bank to the State Budget of Ukraine within the framework of the RISE Programme (Resilient, Inclusive and Sustainable Entreprise). The funding was made possible by the Government's fulfilment of the Programme's indicators for 2025, in particular regarding:

• supporting small and medium-sized businesses in entering export markets;
• introducing environmental and social standards in business financing;
• developing digital services and simplifying licensing procedures.

International agreements and new investment instruments

In 2025, Ukraine expanded its cooperation with partner countries in the field of investment and financial instruments.

Under the Netherlands-Ukraine Partnership Programme (UPF), the UPF-2 competition was held, which attracted considerable interest: 75 applications were received with a total funding request of approximately EUR 192 million, of which 13 projects worth EUR 32.5 million were approved. Meanwhile, applications for UPF-3 are being accepted until 30 April 2026, with a funding pool of EUR 26.5 million.

The Finland–Ukraine Investment Facility (FUIF) has been launched — in 2026, within the framework of this instrument, it is planned to finance projects under the Single Project Portfolio mechanism for EUR 61.6 million.

An agreement has been signed with the Polish development bank BGK and preparations have begun for a similar agreement with the Czech NRB, creating additional financing opportunities for Ukrainian SMEs through national development banks.

Cooperation with Japan has become a separate area of focus. Within the framework of UNIDO projects, a portfolio of initiatives worth EUR 188 million is being formed, in particular at the stage of preparing technical and economic feasibility studies. JICA has already launched 11 pilot investment projects to create joint ventures between Japanese and Ukrainian companies, in particular regarding the development of the private sector and industrial policy instruments in Ukraine.

In 2025, the U.S. - Ukraine Investment Fund for Reconstruction was also launched.

"In 2025, we focused on instruments that deliver measurable results: launching and scaling G2G agreements, Ukraine Investment Framework mechanisms, SME support programmes, and targeted financing from international institutions. This made it possible to finance infrastructure reconstruction, green energy and agro-processing projects, and expand business access to capital. The portfolio of programmes and agreements already in place is laying the groundwork for the launch of new investment projects in 2026," said Oleksii Sobolev, Minister of Economy, Environment and Agriculture of Ukraine.

As part of attracting investment with the support of the Ukraine Investment Framework (UIF), EUR 6.9 billion was allocated by the end of 2025, of which 58% shall be directed to public sector projects and 42% to private projects.

Currently, more than 25 programmes of international banks are being implemented, which have received support from the UIF in the amount of more than EUR 3.8 billion (including EIB projects in the public sector). In 2025, thanks to the UIF, the private sector has financed:

• green energy projects (wind farms, a biofuel production plant);

• projects in agro-processing (soy protein production plant);

• a number of SMEs through financial inclusion programmes involving Ukrainian partner banks.

In particular, in 2025, the UIF Management Board reviewed and approved funding for more than 20 IFIs programmes worth approximately EUR 3 billion, which are scheduled to launch in 2026. These include the EBRD's Ukraine Renewable Energy Risk Mitigation Mechanism (URMM) for new green energy projects, the NRB and BGK programmes for SMEs, and the Food4Impact fund (Cardano Development and DCP) for medium-sized companies in the agri-processing and agricultural sectors. At the same time, active cooperation with the European Commission is continuing on the launch of the EU Flagship Fund, which is planned for the third quarter of 2026.

Under the first component of the Ukraine Facility, as of December 2025, Ukraine had received over EUR 26.8 billion of the EUR 38.3 billion in direct EU budget support. Of this, EUR 3.6 billion is grant funding.

The SME Resilience Alliance continues to work effectively with new large-scale programmes. Together with the United Kingdom, the TIGER programme was launched, with approximately GBP 40 million allocated in 2025 and a projected total of GBP 160 million for 2029. A new programme to improve business competitiveness is also being prepared in cooperation with Switzerland for CHF 30 million, which will be announced at the WEF in Davos.

Within the framework of the Skills Alliance, a Declaration of Intent has been signed with the German Federal Ministry for Economic Cooperation and Development (BMZ) to support labour market reforms through the newly created JobConnect programme.

In 2026, the German side plans to support the implementation of the JobConnect programme with financial contribution of EUR 10 million.

Throughout 2025, Ukraine was widely represented at key international platforms, including URC, Rebuild 2025, COP-30 and UMAC, which helped promote the country's investment opportunities. A series of investment workshops were also held in Sweden, Japan, Germany and Italy; similar events are planned for 2026 in the United Kingdom, the Netherlands and other partner countries.