Overview: who finances what
Most reconstruction finance does not come as an open grant call that a company can simply apply to. It usually flows through banks, export credit agencies and development finance institutions, each with its own access route. The table summarises the instruments covered in this guide.
| Instrument | Type of financing | Main beneficiaries | How to access |
|---|---|---|---|
| EU Ukraine Facility / UIF | EU guarantees and grants behind partner-institution financing (€9.6 bn UIF capacity) | Private and public sector in Ukraine | Via partner institutions (EIB, EBRD, IFC, KfW, BGK, Finnvera…) and Commission Calls for Expressions of Interest |
| EBRD | Market-rate loans, equity, risk-sharing, trade finance; donor grants via credit lines | Private companies, municipalities, state companies | Direct (usually €3 m+; Ukrainian SMEs €5 m+) or via 12 Ukrainian partner banks |
| EIB Group | Long-term loans, EIF guarantees, grants | Public sector, SMEs via banks | Direct loans from about €25 m; SMEs via partner banks (up to €12.5 m) |
| Finnvera / SISU | Export credit guarantees, investment guarantees, direct loans | Finnish exporters and investors; banks financing Ukrainian buyers | Directly with Finnvera |
| FUIF | Concessional financing: Finland pays interest and part of the cost | Ukrainian public sector with a Finnish supplier | Concept paper to Finland’s Ministry for Foreign Affairs |
| Nefco Green Recovery | Grants; from 2026 also loans (with NIB) and EU guarantees | Ukrainian municipalities; suppliers via procurement | Through Nefco’s municipal programme |
Other Finnish (Team Finland) actors worth knowing
Short summaries below. Each now has a full guide: Business Finland and Team Finland, Finnfund and Finnpartnership. For deadlines across all instruments, see Open calls & deadlines.
- Business Finland – advises companies on the reconstruction market. Its Ukraine reconstruction adviser said in August 2026 that the Team Finland network had advised around 800 companies since spring 2023, with construction, energy and defence companies the most active. Business Finland also coordinates Finnish participation in events such as ReBuild Ukraine in Warsaw (12–13 November 2026). Source
- Finnfund – Finland’s development financier. Under Finland’s national reconstruction plan it received a special allocation of €25 million for investments in Ukraine where Finnish companies are directly involved; its target was investment decisions worth €25 million by the end of 2025, and the State loss-compensation commitment for Ukraine is a separate €20 million. That target date has passed, and we found no official statement on an extension. It is a late-stage investor and considers only projects in late development or operational phase. According to its 2025 annual report, it disbursed its first investment aligned with this objective in 2025 and is looking especially at agriculture and energy. Source: Finnfund blog, 3 Sept 2024 · Annual Report 2025
- Finnpartnership – Business Partnership Support grants for Finnish companies’ early-stage projects (e.g. feasibility studies, pilots). By September 2026 it had granted support to over 80 projects in Ukraine, totalling nearly €14 million – about a third of all its funding in 2022–2026. Finnpartnership notes that the rejection rate for Ukraine applications has been slightly higher, most often because of the applicant’s insufficient financial resources or lack of sector experience. It also states that projects implemented entirely by consultants do not meet its terms: the company must have its own capacity to establish itself in Ukraine. Source
How to choose a route
- Are you a Ukrainian SME needing under ~€5 million? Start with Ukrainian partner banks offering EBRD- or EIB/EIF-backed loans.
- Are you a larger investor or project sponsor? Talk directly to the EBRD, EIB, IFC or a national development bank, and consider the Commission’s Call for Expressions of Interest.
- Are you a Finnish exporter? Finnvera (including SISU) for the credit risk. For public-sector buyers, check whether the project could fit FUIF.
- Is your counterpart a Ukrainian municipality? Look at Nefco, the EBRD and EIB municipal programmes, and FUIF.
- Are you a Finnish company at an early stage? Finnpartnership for preparatory work, and Business Finland for market advice.
Please note: Funding programmes, amounts and deadlines change often. Always confirm details from the official source before applying. This guide is general information, not financial or legal advice.