EIB Backs First-Ever Infrastructure Equity Fund for Ukraine with €50M Boost

Since the start of the war, the EIB Group has provided over €4 billion in financing to Ukraine through a range of instruments.

On the sidelines of the World Economic Forum in Davos, the European Investment Bank (EIB) has announced a landmark €50 million commitment to Amber Dragon Ukraine Infrastructure Fund I (ADUIF)—the first specialised infrastructure equity fund dedicated exclusively to Ukraine. The move marks a significant innovation in how large-scale reconstruction and recovery capital is mobilised in conflict-affected economies.

Designed to unlock private investment for Ukraine’s recovery and long-term rebuilding, ADUIF introduces an equity-first model at a time when traditional financing channels remain constrained by risk and uncertainty. The fund is targeting €350 million, with an expected €200 million at first close, enabling it to begin deploying capital immediately.

In addition to the EIB’s commitment, the fund is set to receive backing from major global development finance institutions, including the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), Swedfund, and Impact Fund Denmark. Together, these anchor investors are providing the critical mass needed to crowd in private capital at scale.

A New Model for Rebuilding Critical Infrastructure

ADUIF will invest in renewable energy, transport, and digital infrastructure, focusing on projects that restore essential services, support economic activity, and strengthen Ukraine’s long-term resilience. For technology and infrastructure innovators, the fund represents a rare opportunity to deploy capital into energy systems, smart transport networks, and digital connectivity in a market undergoing rapid structural transformation.

The fund is managed by a joint venture between Amber Infrastructure, a European infrastructure investor with a strong track record in complex markets, and Dragon Capital, one of Ukraine’s leading investment managers. This structure blends international institutional expertise with deep local market knowledge—an approach increasingly seen as essential for operating in high-impact, high-risk environments.

Europe Signals Long-Term Commitment

“This is partnership at its best, when the world needs it most,” said EIB Group President Nadia Calviño. “By investing in the first-ever infrastructure equity fund for Ukraine’s recovery, we are helping deliver emergency energy, reliable transport and basic services to the Ukrainian people, while sending a clear signal of Europe’s unwavering support.”

Since the start of the war, the EIB Group has provided over €4 billion in financing to Ukraine through a range of instruments. According to Andrew McDowell, EIB Global Director-General, equity investment is a critical next step. “Equity helps mobilise private capital where it is hardest to reach. This is our third equity fund investment since the war began, and it reflects our confidence in Ukraine’s recovery—and in partnerships that can deliver impact at scale.”

Call to Action: Early Movers Wanted

With first close imminent and capital deployment expected to begin shortly, ADUIF is actively positioning itself as a platform for early adopters—from renewable energy developers and digital infrastructure providers to mobility and logistics innovators looking to enter or expand in Ukraine.

For tech-driven infrastructure companies and investors seeking both impact and first-mover advantage, ADUIF offers a front-row seat in shaping the next phase of Ukraine’s reconstruction.