How to finance and insure a project in Ukraine
Winning a contract is only half of the problem. Foreign companies also need to fund the work and protect it against war and political risk. This guide describes the main routes. It is a starting map, not advice: programmes, calls and prices change, so always confirm on the official pages we link.
EU Ukraine Investment Framework
The European Commission describes the Ukraine Investment Framework as a way for investors to use EU budget guarantees and a blend of grants and loans. Its first call had three windows: public investment, direct private investment through implementing partners, and private equity routed through funds. A later call in 2025 targeted small businesses through bank-intermediated lending. At the Ukraine Recovery Conference in 2026 the Commission announced further agreements under the framework. Money usually reaches companies through implementing partners such as the EIB and the EBRD, not through a direct application to the Commission. Check the framework page and the partners' pages for open calls. See also the Ukraine Facility.
Development banks: EBRD, EIB, IFC
Development banks lend to private companies in Ukraine, usually larger ones with a clear strategy and transparent ownership. Sources we found put typical direct private-sector projects at several million US dollars and above, and note that some sectors, such as defence and gambling, are excluded. Smaller firms more often reach this money through local partner banks that on-lend it. Terms differ by bank and by programme, so start from each institution's Ukraine pages and ask a partner bank which credit lines are open. The EBRD also publishes procurement notices for its Ukraine projects, which we list on our tenders page.
Political and war risk insurance
Political risk insurance covers losses from government action, expropriation, currency restrictions and political violence. In June 2026 the DFC and the World Bank's MIGA signed an agreement to set up a political risk insurance framework for the U.S.-Ukraine Reconstruction Investment Fund, adding war-risk cover to projects backed by that fund. Older press coverage quotes minimum project sizes and premiums, but those figures are dated: confirm current eligibility, minimums and pricing directly with MIGA and the DFC, and ask your broker about private-market war risk cover for smaller contracts.
A practical order of work
- Before bidding: ask your own bank and your export credit agency what they will finance or guarantee for Ukraine.
- When you have a contract: ask the buyer or the funder whether donor financing or a guarantee already covers the project, because that changes your risk and your payment terms.
- Before mobilising: get insurance quotes early, since underwriting can take weeks.
This guide is general information, not financial, investment or legal advice. Programme details change. Rely on the official sources and on qualified advisers. Browse open notices on our tenders page.