September 25, 2026

Scale-up of the Ukraine Investment Fund  

Norway is stepping up its effort to promote sustainable business development and job creation in Ukraine. From 2027 to 2030, Norway will allocate EUR 350 million to this important work. The funds will be channelled through the Ukraine Investment Fund, which is managed by Norfund. 


  

“The Ukraine Investment Fund is Norway’s most important civilian contribution to increasing economic activity and job creation in Ukraine. Ukraine needs investors who are willing to take a chance. There is a significant shortage of the type of risk capital that the Ukraine Investment Fund can provide”

Espen Barth Eide

Minister of Foreign Affairs in Norway

 
The purpose of the Ukraine Investment Fund is to channel capital to businesses and infrastructure projects that play a central role in the reconstruction and long-term development of the country. The ongoing war has severely constrained investment activity and the Ukrainian economy. 

‘The Ukraine Investment Fund is an important instrument because it contributes both to the development of sustainable business activity and to the realisation of investments that otherwise would not have been carried out due to the high level of risk,’ said the Minister of Foreign Affairs. 

Since the Government decided in 2024 that Norfund would manage the Ukraine Investment Fund, Norfund has been working to build a dedicated investment portfolio. The Ukraine Investment Fund has already made four investments with a total value of more than EUR 46 million (NOK 500 million), and several additional investments are expected to be announced during the year. 

To date, the Ukraine Investment Fund has invested in: 

  • The expansion of the M10 industrial park in Lviv, which facilitates increased trade with the EU; 
  • The Rebuild Ukraine Fund (REBUF), which provides growth capital to Ukrainian SMEs; 
  • The Horizon Capital Catalyst Fund (HCCF), which among other things contributes to financing a 124 MW wind farm in the Odesa region; 
  • The modernisation of the Yarych biscuit factory in the Lviv region, helping to secure jobs and create a foundation for increased exports. 

The scale-up plan for 2027 to 2030 provides for a transfer of NOK 750 million (EUR 70 million) in 2027 and NOK 1 billion (EUR 90 million) in 2028, 2029 and 2030. 

“We have made a strong start in investing in the development of Ukraine’s business sector, and we are experiencing strong demand for the capital we are able to offer. The scale-up plan provides the predictability that is essential for us to plan our future work in Ukraine together with existing and new partners”

Erik Sandersen

Chief Executive Officer of Norfund

Want to know more about the Ukraine Investment Fund?