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Ukraine Reconstruction Market Brief - Summer 2026

Ukraine is going through one of the most difficult periods of this war. Intensive attacks continue to strike not only critical infrastructure but also businesses, production facilities, and the country's overall economic activity.

At this moment, supporting business in Ukraine is more important than ever. The ability of companies to operate, invest, restore production, and create jobs is not just an economic issue. It is the foundation of the country's resilience and its future recovery.

That is why we continue to monitor the opportunities that are opening up for international companies today. 

In our Open Funding section, we highlight the RIVCircular grant program and the Ukraine Energy Support Fund, which open direct access to the Ukrainian energy market and innovative circular economy projects. 

In our Flash Interview, we give the floor to Dmytro Natalukha, Head of the State Property Fund of Ukraine. He discusses the opportunities and benefits for companies participating in privatization auctions. 

Finally, our Regional Focus takes you to the Lviv region — one of Ukraine's key economic and logistics hubs. 

Enjoy the read!

1. OPEN FUNDING

RIVCircular CASCADE FUNDING

The RIVCircular programme, co-funded by the European Commission, has launched an open cascade funding call supporting the transition towards a circular economy. With a total budget of €12.35 million, the call distributes grants to consortia developing innovative solutions in the seven eligible regions: Innlandet (Norway), Madrid (Spain), Kyiv-Oblast (Ukraine), Haut-de-France (France), Extremadura (Spain), Vienna (Austria) and Greece. 

An entity can request up to 600.000€ in total, even if they submit several proposals to different topics within this call.

Five priority topics: 

• Topic 1: Construction and demolition waste (CDW) circularity 

• Topic 2: Circular Energy Integration: Valorising local waste streams for industrial efficiency 

• Topic 3: Electric vehicles (EV) batteries recycling and reuse 

• Topic 4: Circular economy in the textile industry 

• Topic 5: Digital solutions for circular economy

Ukraine Energy Support Fund. Open tenders

The Energy Community has launched a new competitive procurement cycle under the Ukraine Energy Support Fund (UESF), aimed at strengthening Ukraine's energy resilience.

What is the UESF?

The Fund was established to counteract the impact of Russian strikes on critical energy infrastructure. It enables governments, international financial institutions, international organisations and corporate donors to finance the most urgent needs of Ukrainian energy companies: equipment, spare parts, fuels and services required to repair infrastructure and maintain energy and heat supply across Ukraine.

The Fund is managed by the Energy Community Secretariat, an independent executive institution based in Vienna, Austria.

For French companies this mechanism provides direct access to the Ukrainian energy market through transparent, internationally governed procurement procedures.

Full list of live tenders 

More about the Fund

2. Act Now

Regional Focus — Lviv region

Why a regional focus in this newsletter?

The reconstruction of Ukraine is not only happening at the national level. It is being built territory by territory, with very specific priorities, stakeholders, and opportunities at the local level.

The objective of this focus is simple:

→ Identify where the projects are located

→ Understand the specific needs of local authorities

→ Detect operational entry points for your company

Every region featured is a gateway to the Ukrainian market.

Key advantages of the Lviv region

The Lviv region is one of Ukraine's key economic and logistics hubs, boasting a strategic location on the border with the European Union. The region features 10 border crossing points: 7 international road crossings, 2 railway crossings, and 1 aviation crossing. The region combines substantial human and industrial potential. One of the region's major advantages is its network of industrial parks, comprising 17 industrial parks, as well as the availability of brownfield (vacant production facilities) and greenfield (vacant land plots) sites.

Key figures

Identified projects and needs

1. Logistics: driven by proximity to the EU, a well-developed network of road and railway border crossings, and the Lviv region's role as Ukraine's key transport hub.

2. Construction materials: the region possesses the resource base for manufacturing and well-developed allied industries to meet the demands of rebuilding Ukraine's housing, social, transport, energy, and industrial infrastructure.

3. Agro-industrial sector: a natural competitive advantage of the Lviv region due to the availability of agricultural raw materials, a robust workforce, domestic demand, and proximity to EU markets. The highest investment potential lies not in raw material production, but in processing: the manufacturing of food products, oils, animal feed, frozen foods, long-shelf-life products, as well as niche and organic goods.

4. Renewable energy: the need to decentralize energy supply and mitigate energy risks drives demand for renewable energy sources. This includes the development of solar, wind, small hydro, and bioenergy, alongside energy storage systems, local power grids, and energy independence solutions for communities and businesses.

5. IT and digital products: the region holds significant potential for technology sector development due to a large pool of qualified specialists, a strong academic foundation, and a growing demand for digitalization. An additional catalyst is the development of telecommunications infrastructure, notably the launch of Kyivstar's first local 5G test zone in Lviv in January 2026.

6. Medical Rehabilitation: a crucial area of development for the Lviv region. Lviv is home to the UNBROKEN and Superhumans centers, which provide a foundation for advancing private medicine, manufacturing prosthetics and orthotics, rehabilitation equipment, and other medical devices. Additionally, Lviv hosts the University Clinic and the Simulation Medicine Center, established at the Danylo Halytsky Lviv National Medical University, which foster international cooperation, grant acquisition, medical tourism development, and the implementation of joint projects.

Why should French businesses invest in the Lviv region?

The combination of proximity to EU markets, advanced logistics, strong investment infrastructure, and significant industrial and human potential creates a highly favorable environment for international business development. The region's diversified economy unlocks opportunities for both establishing new production facilities and collaborating with existing businesses. For French companies, this provides opportunities not only to enter the Ukrainian market and develop manufacturing cooperation but also to participate actively in the rebuilding of Ukraine.

The Investment Passport of the Lviv Region is a core strategic tool used to showcase the region's investment potential and attract both domestic and international investors. The Passport contains up-to-date analytical data on the region's economic capabilities, logistics infrastructure, and industrial parks. Adapted for use by foreign partners, the Passport helps prospective investors identify the most promising avenues for project implementation. 

Investment Passport of the Lviv Region

Association Presentation: Solidarity Charity Foundation

Solidarity Charity Foundation is Ukrainian charitable foundation created in autumn of 2022 by Leroy Merlin Ukraine and company ADEO to help those affected by the war in Ukraine.

The aim of the organisation is to take part in the reconstruction of Ukraine by implementing important social projects right now. 

Key figures

Main activities

• Housing reconstruction

• Social infrastructure restoration

• Shelter arrangement

Solidarity concretely illustrates how a French company present in Ukraine can transform its local footprint into a lever for humanitarian impact and reconstruction. 

3. FLASH INTERVIEW

Dmytro Natalukha

Head of the State Property Fund of Ukraine

“As French businesses, you can play a major role in this victory, because everything the Fund receives from privatization goes to support the Armed Forces of Ukraine”.

The role of the Fund 

The State Property Fund of Ukraine was originally established to ensure Ukraine's transition from a Soviet planned economy, which relied exclusively on state ownership, to a competitive capitalist economy built on private property. Its primary instrument is privatization.

Among its core functions is the management of enterprises and institutions that belong to the Fund's portfolio. With the onset of the full-scale war, the Fund took on an additional mandate: managing and disposing of sanctioned assets. This includes everything Ukraine confiscates through the courts from Russia, sanctioned individuals, collaborators, and propagandists, managing these assets up until the point of sale.

Today, the Fund manages over 2 000 assets: 350+ business entities, 1,730 state-owned enterprises, and 175 state institutions.

Large and small-scale privatization: key differences 

→ Small-scale privatization: assets with a starting price not exceeding UAH 250 million (approximately €5 million). No conditions apply: the starting price is determined by book value or through other valuation methods, without the involvement of the Cabinet of Ministers.

→ Large-scale privatization: assets with a starting price above UAH 250 million (approximately €5 million). The government approves the conditions and the starting price for each specific asset. Possible conditions may include: settling utility debts, paying off wage arrears, committing to further investments over a five-year period, and preserving the core production profile.

Why French business? 

A precedent already exists: during martial law, a private deal was successfully concluded in which French businessman Xavier Niel acquired Volia, Datagroup, and the mobile operator Lifecell. Therefore, the Head of the Fund urges French companies to take the next step and compete for one of the key assets:

• Ocean Plaza (Kyiv) — a sanctioned shopping and entertainment center. The state owns a 66.6% stake, the asset is fully operational and profitable, and the minority shareholder is also prepared to sell their share.
• Odesa Port Plant — one of the largest ammonia producers on the continent, situated in the country's deepest seaport. Demand for this asset is surging following the blockade of the Strait of Hormuz.
• Mykolaiv Alumina Plant — a sanctioned asset; a technologically advanced enterprise that serves as a crucial link in the global aluminum supply chain.

Practical steps 

Select an asset → wait for the auction announcement → sign an NDA with the electronic platform operator → gain access to the Virtual Data Room (VDR) and, if needed, dispatch a team to the site accompanied by Fund representatives → participate in the open auction.

Price transparency and investor protection 

The Fund fixes the starting price at the asset's book value, which ensures it cannot be artificially lowered or inflated in anyone's favor. The market price is determined solely by the auction participants through their bids during open auctions on Prozorro.Sale, rendering any manual interference by officials impossible. Data regarding participants who have signed an NDA remains strictly confidential until the bidding concludes; the law explicitly prohibits its disclosure.

Regarding war risks: the Fund is actively negotiating insurance with the U.S. DFC (currently only for American participants, specifically regarding the Odesa Port Plant) and discussing co-investment mechanisms with the European Commission via the Ukraine Facility, which could cover a portion of the risks for EU investors.

Dmytro Natalukha's main message to French counterparts: “Come to Ukraine for at least one night, and not necessarily to Kyiv. See for yourselves that life here goes on, despite the war. As French businesses, you can become a major part of this victory, because everything the fund receives from privatization goes to support the Armed Forces of Ukraine.”

👉 The full interview with Dmytro Natalukha is available on our website.

Read the full interview

4. GREEN RECOVERY: AN EXPERT'S VIEW

France is Ready to Share the Risks: Why It’s Time for Business to Enter Ukraine

Yevhen Kalinin, CEO of Veolia Ukraine

France has already built a financial bridge for its companies into Ukraine. The first phase of the Ukraine Fund, worth €200 million, has financed 19 projects by French companies. A second phase is now being launched: another €71 million for new projects. This is an important signal for business. The French state is not merely encouraging its companies to enter Ukraine; it is prepared to share investment risks and financially support their entry into the Ukrainian market. 

The window of opportunity is already open

Key facts:

• Ukraine’s recovery and reconstruction needs over the next decade amount to approximately $587.7 billion. 

• Direct physical damage has already exceeded $195 billion, with housing, transport and energy suffering the most.

This translates into hundreds of thousands of future projects, from the modernisation of energy systems and water supply to transport, waste management, construction and digital infrastructure. The Ukraine Recovery Conference 2026 this year focused specifically on catalysing investment and engaging the private sector, with particular attention to energy, critical infrastructure and logistics. 

Where to invest?

I see at least five areas where French expertise can be particularly valuable.

Top 5 Sectors for French Investment:

1. Energy (decentralized and energy-efficient systems).
2. Water and wastewater treatment.
3. Waste management and urban infrastructure.
4. Transport and logistics.
5. Digital infrastructure.

The key is not to lose time.

Companies should not view Ukraine merely as a market for equipment supplies. The greatest opportunity lies in becoming a long-term technological, engineering, or operational partner. 

Major infrastructure projects take months to prepare. Companies should start establishing contacts, conducting audits, seeking financing, and forming consortia now in regions where the security situation allows. 

Read full column

5.  Press review & key figures

• Socio-political moods of the population of Ukraine

The Kyiv International Institute of Sociology in July conducted a survey on socio-political moods of the population of Ukraine. Key results: 

• 82% of Ukrainians believe in Ukraine's ultimate victory with 59% being fully convinced of it.
• 63% are optimistic about the country's future and believe that within 10 years, Ukraine will be an EU member with a prosperous economy.
• 39% believe that the advantage on the battlefield is currently on the Ukrainian side. Only 7% think that Russia holds the advantage.
• 22% expect the war to end before the end of 2026. 39% anticipate it ending in the second half of 2027 or later. 

What these figures mean for a French company: despite the ongoing war, Ukrainians' confidence in their country's future remains high and stable and serves as an indicator of social resilience rarely observed in similar contexts. 

Source: KIIS

• Digitalization of mine action assistance

The government has initiated the development of the "Donor Platform," an information and communications system designed to manage the financing of mine action projects. This platform will enable partners to track project implementation, review the current needs of government stakeholders, and select which funding requests they are willing to support. Trial operation is scheduled to start no later than March 31, 2027.

Source :Ministry of Economy and Environment of Ukraine

• EU tools and resources for Ukrainian businesses

The European Commission has compiled the available EU tools and resources designed to help Ukrainian businesses foster cooperation with European partners, implement digital solutions, and enhance their entrepreneurial competencies. These practical opportunities for Ukrainian companies have been gathered in the informational booklet Facilitating EU-Ukraine Business Cooperation. The publication contains a range of tools and resources that Ukrainian businesses can utilize. 

You can access the booklet and explore these useful business resources via the link.

Source : Ministry of Economy and Environment of Ukraine, EU4Ukraine.

• EBRD doubles support for Kyiv with new €50 million loan for essential services

The European Bank for Reconstruction and Development (EBRD) is doubling its support for Kyiv with a new €50 million loan, matching earlier lending in 2024. The financing will help to ensure the uninterrupted delivery of vital municipal services and mitigate the impacts of Russia's ongoing war on Ukraine. The loan is supported by a first-loss risk cover guarantee from the European Union (EU) under its Ukraine Investment Framework, which will cover 25 % of the financing. The guarantee is critical to the transaction, enabling the city and its key municipal utility to address urgent liquidity needs while maintaining essential public services.

Source: EBRD

6. TRAVEL ADVICE

The security situation in Ukraine remains challenging but managed. It is crucial to understand that Russian strikes can occur across the entire country. We strongly recommend that you do not ignore air raid sirens and stay informed through official government channels.

Tip: To track alerts, manage power outage schedules, or locate the nearest shelter, download the Kyiv Digital app. It is available in English and allows you to register with an international phone number.

Useful WhatsApp groups: UA Air Force, SPRAVDI, Ukraine.ua, Suspilne

French nationals can enter Ukraine without a visa for stays of up to 90 days.

Transport

With airspace closed since February 2022, the simplest option is to fly to a neighboring country and then reach the capital by train (from Chelm, Warsaw, or another city). Please note: demand for these trips is very high.

For train ticket reservations, it is strongly advised to book in advance:

• In Poland: The PKP Intercity app is the go-to for long-distance travel. For regional connections or to compare bus and train options, the KOLEO app is also very efficient and intuitive.

• In Ukraine: For specific journeys between Poland and Ukraine, use the official app of the Ukrainian railway company, Ukrzaliznytsia (available in English).

Taxi services in Ukraine

Urban transport apps work very well in major Ukrainian cities.

• Bolt: Very widespread; it is often the fastest option with many available drivers.

• Uklon: A reliable local Ukrainian app.

• Uber: Also available in major cities like Kyiv or Lviv, though the fleet is sometimes less dense than Bolt's.

Daily life and restrictions

• Curfew: A curfew is in effect throughout the country. In Kyiv, it runs from 00:00 to 05:00. During this interval, it is strictly forbidden to be on the street without a special permit.

• Energy: Depending on the evolution of the situation, power outages are possible.

We recommend that you always carry your identity documents with you.

Business travel and insurance

For any business trip, it is mandatory to take out insurance that includes war risks. To determine which type of coverage meets your needs, we invite you to watch our dedicated webinar on this subject.

To define the insurance policy that is right for you, you can contact:

• GEODESK

• ATLAS RISK COVER

You can also review the replay of the webinar on insurance

You can find a company to assist you with security-related matters among our members:

•  Lafayette Risk Intelligence

• GEOS Groupe ADIT
• Amarante International

You can also watch the replay of the webinar dedicated to security.

7.BUSINESS CORNER - Legal advice

Agriculture: Organic Production Law Aligned with EU Standards 

On June 30, 2026, the Verkhovna Rada adopted a new Law on the State Regulation of Organic Production, Distribution, and Labeling. Designed to align Ukraine's agricultural sector with the European standards, the legislation introduces transparent rules and strengthens state control to facilitate the entry of Ukrainian organic products into international markets. To provide businesses with ample transition time and stimulate investment, the law will take effect on July21, 2029, officially replacing the previous regulatory framework. 

Decentralised heating 

On July 15, 2026, the Verkhovna Rada adopted Law No. 14067 modernising Ukraine's district heating system. The law provides for the mandatory installation of individual heating substations (IHS) in buildings connected to district heating networks, and formally recognises district heating as a matter of state interest. It also encourages the use of renewable energy sources and cogeneration, and supports investment programmes in this sector. The obligation to install IHS will apply six months after martial law is lifted. 

Renewable Energy — Regulatory Visibility Until 2029

On June 30, 2026, Ukraine's National Commission for State Regulation of Energy and Public Utilities (NEURC) set feed-in tariffs for electricity generated by generating installations of private households.. 

Source: Arzinger

8. WHY JOIN THE CCIFU

Joining the French-Ukrainian Chamber of Commerce means establishing yourself in Ukraine with a trusted local partner at the heart of a dynamic network of nearly 130 French and international companies already active in the market.

In a rapidly transforming environment, the CCIFU supports you in securing your approach, accelerating your development, and connecting you with the right contacts at the right time.

Each year, the Chamber organizes nearly 60 events: sectoral meetings, conferences, professional committees, and networking events. These are concrete opportunities to understand the market, share feedback, and develop business opportunities.

Concrete benefits for members:

✓ One day of Business Support Services offered to every new member

✓ Access to high-level meetings in a small-group format

✓ Integration into an active network of French companies already established (direct contacts, partnership opportunities, field reports)

✓ Preferential rates on the Let's Rebuild Ukraine study

✓ Preferential rates with our partners (particularly in the hotel industry)

✓ Participation in sectoral committees (HR, agriculture, businesswomen, etc.)

✓ Increased visibility via our communication channels and events

Why now?

The reconstruction of Ukraine is already underway. It is being structured, financed, and organized today.

The companies present now will be the ones that understand the market, build key relationships, and seize the most strategic opportunities.

Do not let this window of opportunity close.

Download the membership form

9.  Webinar «Ukraine's investment potential for international business»

We are pleased to invite you to the webinar "Ukraine's Investment Potential for International Companies", dedicated to investment opportunities in Ukraine, available support mechanisms, and the practical aspects of establishing a presence in the Ukrainian market.

Tuesday, September 15, 2026

11:00 AM (Kyiv time) | 10:00 AM (Paris time)

Webinar language: English

On the agenda:

• Investment opportunities and priority sectors in Ukraine;
• Searching for projects, partners, and business locations;
• Financing instruments available for businesses;
• EU support mechanisms for companies wishing to invest in Ukraine;
• ECA Ukraine's tools for mitigating risks and supporting the implementation of investment projects.

The practical guide "Financial Instruments for Businesses in Ukraine" will also be presented.

Speakers:

• Andrii Ryzvaniuk, Investment Advisor, UkraineInvest
• Olga Slyvynska, Vice President for International Relations and Development Finance, KSE Institute
• Elisabeth Szeli, Policy Officer, SNE, DG ENEST, European Commission
• Kristina Padalka, Board Member, ECA Ukraine

Moderator: Bertrand Barrier, President of the CCIFU

Prior registration for the webinar is required

Register