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Newsletter #30 Reconstruction Ukraine - December 2025

As we begin this new year, we are pleased to present the 30th edition of our monthly newsletter. On this occasion, we would first like to extend our warmest wishes for 2026 – a year we hope will bring good health, new projects, and positive prospects for each of you.

The year 2025 was particularly challenging for Ukraine. Yet once again, the country demonstrated remarkable resilience in the face of the hardships imposed by the war, continuing its efforts to adapt and move forward.

In this edition, we highlight key developments in the information technology sector, which remains one of the pillars of the national economy. We also look ahead to several important milestones, including:

• the launch in 2026 of a new war risk insurance mechanism;
• new support programs from international partners, including the EBRD, IFC, and EIB, aimed at business financing, energy efficiency, and housing reconstruction.

Special attention is also given to private sector initiatives, ranging from grant programs for emergency drone developers to Kyivstar’s investments in renewable energy.

We wish you an excellent start to 2026 and an enjoyable read.

Ukraine Reconstruction: Key Figures

• IT sector: key figures

Despite the ongoing war, Ukraine’s technology sector continues to deliver strong results and remains one of the leading pillars of the national economy. In December 2025, the Lviv IT Cluster presented the findings of IT Research Ukraine 2025: From Adaptation to Transformation, highlighting the main trends shaping the Ukrainian IT market.

Key sector indicators

• 41.9% is a share of computer services in the total volume of services, maintaining 1st place among all service categories.

• 12.3% is a share of computer services in total exports of goods and services, second only to food and agricultural products.

• USD 7.48 billion is a total sector turnover in 2024, with exports amounting to USD 6.45 billion.

• 1–2% nominal growth, demonstrating remarkably stable demand despite wartime conditions.

• 3.92% is a contribution of the tech industry to Ukraine’s GDP.

Outlook for 2025

The forecast for 2025 financial results suggests a phase of stabilisation:

• Optimistic scenario: sector turnover may reach USD 7.56 billion (+1.03%).
   
• Pessimistic scenario: turnover remains broadly stable at USD 7.47 billion.

IT companies and talent market

• 2,062 active, verified tech companies currently operate in Ukraine.

• Market structure:
   
  • 46% — outsourcing
     
  • 2% — outstaffing
     
  • 31% — product companies
     
  • The rest operate with a mixed business model.

• 303,000 IT specialists in Ukraine, including: 34% women across the sector; 32% women in C-level positions.

Highly skilled workforce

Ukraine continues to benefit from a strong pool of highly qualified tech talent that remains competitive on global markets:

• 43% of technical specialists have 6–15 years of experience;

• 12% have more than 15 years of experience;

• Over 88% of technical professionals are Middle, Senior, or Lead-level specialists.

Source: Lviv IT Cluster

Key developments for Ukraine’s Reconstruction

• Ukraine introduces new war risk insurance mechanism for businesses

Starting from 1 January 2026, Ukraine will launch a new war risk property insurance mechanism aimed at supporting businesses affected by Russia’s armed aggression. The scheme provides direct compensation for damages in frontline regions and partial reimbursement of insurance premiums for businesses across the entire country.

The programme is part of the broader “Made in Ukraine” policy to support domestic manufacturers and will be administered by the Export Credit Agency of Ukraine (ECA).

Direct compensation for businesses in frontline regions

Direct compensation will be available to businesses whose property is located in high-risk regions, including: Dnipropetrovsk, Donetsk, Zaporizhzhia, Mykolaiv, Odesa, Poltava, Sumy, Kharkiv, Kherson, and Chernihiv regions, excluding temporarily occupied territories.

Key conditions:

• Maximum compensation: up to UAH 10 million (approx. 202 000 EUR) including related parties, but not exceeding the verified amount of actual losses.

• Participation: Participation in the programme is voluntary and involves a one-time contribution of 0.5% of the total amount of the probable loss for damage/destruction of all property declared for participation in the compensation program.

Partial compensation of insurance premiums nationwide

Businesses across Ukraine will be eligible for partial reimbursement of insurance premiums paid under war risk property insurance contracts concluded with insurance companies.

Key features:

• The state will compensate the portion of the insurance tariff exceeding 1%, up to UAH 1 million  (approx. 20 200 EUR) per insurance contract.

• For each application, the business must pay a UAH 5,000 (approx. 100€) administrative fee to the ECA.

Both compensations are available only to businesses registered in the programme at the time the damage occurs.

This new mechanism aims to reduce war-related risks for enterprises, encourage the wider use of war risk insurance, and improve access to financing, particularly for companies operating in high-risk areas.

Source: Ministry of Economy of Ukraine

• Ukraine begins high-level government reshuffle at the start of 2026

With the start of 2026, Ukraine has entered a period of active government reshuffles and institutional renewal, including changes within the security and executive branches. According to President Volodymyr Zelensky and political analysts, these changes are aimed, among other objectives, at strengthening Ukraine’s negotiating capacity at a critical stage of ongoing peace negotiations.

Key appointments and proposed changes

• Kyrylo Budanov, Head of the Main Intelligence Directorate of the Ministry of Defence, is expected to take on a new role as Head of the Office of the President.

• Serhii Kyslytsia is set to become First Deputy Head of the Office of the President. In addition to participating in negotiations, he will be responsible for:
   
  • strategic communication with international partners,
  • development of bilateral relations,
  • coordination between the Office of the President and the Ministry of Foreign Affairs.

• President Zelensky has also proposed appointing Mykhailo Fedorov—currently First Deputy Prime Minister and Minister of Digital Transformation—as Minister of Defence, highlighting the importance of technological and innovation-driven approaches in the security sector.

• Denys Shmyhal, who currently leads the Ministry of Defence, has reportedly been offered the position of Minister of Energy, reflecting the strategic priority of energy security during wartime.

These personnel changes signal an effort to recalibrate governance structures, reinforce coordination with international partners, and adapt state leadership to the evolving diplomatic, security, and energy challenges facing Ukraine.

Source: ain.ua

International Benchmark

• EBRD supports €150 million in new lending through Credit Agricole Ukraine

The European Bank for Reconstruction and Development (EBRD) is extending a new portfolio risk-sharing facility to Credit Agricole Ukraine to enable €150 million in new lending to Ukrainian borrowers.

The EBRD’s unfunded guarantee will partially cover Credit Agricole’s credit risk on newly issued sub-loans, enhancing the bank’s ability to continue financing the private sector under wartime conditions.

Financing priorities

With EBRD backing, Credit Agricole Ukraine will provide loans to:

• businesses operating in critical industries;

• micro, small and medium-sized enterprises (MSMEs);

• mid-cap companies investing in energy generation, energy storage and energy efficiency projects

Support for MSMEs and Green Investments

As part of the facility, €30 million — or 20% of the guaranteed sub-loans — will be dedicated to MSMEs undertaking long-term investments in EU-compliant and green technologies, strengthening their competitiveness on domestic and international markets.

Eligible sub-borrowers will also receive European Union (EU)-funded technical assistance and investment incentives such as grants on completion of their investment projects under the bloc’s EU4Business initiative.

Continued EBRD Support

This operation represents the third portfolio risk-sharing facility extended by the EBRD to Credit Agricole Ukraine since the start of Russia’s full-scale invasion, reaffirming the EBRD’s long-term commitment to sustaining Ukraine’s private sector and energy resilience.

Source: EBRD, Credit Agricole Ukraine

• EBRD and European Commission support affordable housing recovery in Ukraine

The European Bank for Reconstruction and Development (EBRD) and the European Commission are supporting Ukraine’s housing recovery with a €100 million loan facility to support the development of a scalable and affordable housing platform in Ukraine. The financing will help deliver safe and sustainable housing for internally displaced persons (IDPs) and other vulnerable groups, addressing one of the country’s most pressing social needs.

Project description

The programme is led by developer and philanthropist Dell Loy Hansen, and supported by Hansen Ukrainian Mission (HUM), a non-profit organisation dedicated to housing solutions for displaced families he founded.

EBRD financing will help to demonstrate a scalable, private-sector-led approach to Ukraine’s housing recovery. Subsequent phases are expected to deliver 1,800 affordable homes across the Kyiv region by 2029.

EU support and technical assistance

The project will benefit from partial first-loss risk coverage under the EU Ukraine Investment Framework – Municipal Infrastructure and Industrial Resilience Programme (UIF MIIR), strengthening EBRD’s ability to support affordable housing initiatives.

In addition, donor-funded technical cooperation will enhance the project’s social and environmental impact, including:

• an apprenticeship programme focused primarily on IDPs to support skills development and human capital recovery;

• the preparation of a tenant support action plan.

This investment aligns closely with the EBRD’s Real Estate Sector Strategy, which emphasises expanding access to affordable and sustainable housing across its regions.

Source: EBRD

• IFC Invests in Ukraine’s insurance sector to support recovery and business continuity

IFC announced an equity investment in two insurance companies in Ukraine—Kniazha and USG—to boost access to innovative non-life insurance services. The investments aim to help ensure business continuity, expand access to insurance products, and strengthen Ukraine’s insurance market amid Russia’s invasion.

Investment structure and objectives

IFC is subscribing to up to 20% of the shares in both Kniazha and USG. The investment will help the companies withstand current wartime conditions while sending a strong signal to other investors about the sector’s resilience and long-term growth potential.

At a time when access to fresh capital in Ukraine remains limited, the investment aims to:

• unlock growth opportunities,
• strengthen resilience,
• support the country’s recovery and reconstruction.

Product expansion and advisory support

The investment will enable the development of new insurance product lines while reinforcing the companies’ solvency. IFC will complement its equity investment with advisory support to help both insurers expand their offerings and implement long-term digital strategies.

These efforts will diversify insurance coverage beyond transport, extending protection to key sectors such as:

• logistics,
• agriculture,
• real estate,
• health.

The initiative also aims to broaden access for small enterprises and vulnerable groups, including internally displaced persons.

Source: IFC

• EIB disburses €18.4 million to support essential public services in Ukraine

The European Investment Bank (EIB), the bank of the European Union, has disbursed €18.4 million to support essential public services in Ukrainian cities. The financing will fund energy-efficient renovations of schools, kindergartens, and hospitals, helping reduce energy consumption, reduce costs and remain fully operational for the communities they serve.

The funds are backed by an EU guarantee under the European Commission’s €50 billion Ukraine Facility.

Support through the Ukraine municipal infrastructure programme

The disbursement supports three sub-projects under the EIB’s Ukraine Municipal Infrastructure Programme (UMIP):

• Volyn Oblast: €4.2 million will be used to modernise three major healthcare facilities, improving service quality while reducing operating costs.

• Ternopil: €11.3 million will finance energy-efficiency upgrades in 20 schools and kindergartens, including the installation of energy monitoring systems across all educational institutions in the city.

• Zaporizhzhia: €2.9 million will support the refurbishment of five educational buildings, reducing energy losses and improving safety and comfort for students and teachers.

By investing in energy-efficient public infrastructure, the EIB and the European Union are helping Ukrainian communities remain resilient during the war.

Source: European Investment Bank

Focus on the private sector

• Ukrainian Startup Fund launches grant programme for firefighting drones

The Ukrainian Startup Fund (USF), with the support of the Ministry of Digital Transformation of Ukraine, Brave1, and the State Emergency Service of Ukraine (SES), has launched a new grant programme for developers of firefighting unmanned aerial systems (UAS) and ground robotic systems (GRS).

The initiative aims to support innovative solutions that enhance emergency response capabilities and strengthen civil protection infrastructure in Ukraine.

Key grant conditions

• Maximum grant amount per developer: up to UAH 8 million (approx. 161 600 €)

• One developer may receive, in total, no more than five grants in a single budget year, with a total amount not exceeding UAH 30 million (approx. 606 000 €)

• Application limit: one application per development, except in cases of repeat financing following a significant upgrade or improvement of the solution.

All UAS and GRS solutions selected under the programme will be transferred to units of the State Emergency Service of Ukraine (SES) for operational use and deployment in emergency response situations.

Source: Ukrainian Startup Fund

• Kyivstar enters renewable energy sector with solar power investment

Kyivstar, Ukraine’s national electronic communications operator and a subsidiary of Kyivstar Group Ltd has announced its entry into the alternative energy sector.

Acquisition of a solar power plant

The company has acquired 100% of the corporate rights to SANVIN 11 LLC, the owner of an operational solar power plant with a capacity of 12.947 MW, located in Ukraine. The total value of the transaction amounted to UAH 347.57 million (approx. 7,02 millions euro).

According to preliminary estimates, the solar power plant is capable of generating electricity equivalent to approximately 4% of Kyivstar’s annual electricity consumption.

This investment marks the launch of a new strategic direction for Kyivstar—the development of its own power generation capacities. It will allow the company to diversify energy sources and reduce operational risks associated with energy supply instability.

Integration into the energy market

Electricity generated by the solar power plant will be supplied to Ukraine’s unified power system in accordance with existing market and regulatory rules. This approach will enable Kyivstar to partially hedge against electricity price volatility.

Source: Kyivstar

CCI France Ukraine initiatives

• Webinar | French Companies in Ukraine: Anticipating, Covering and Managing Human and Operational Risks

In a context where the war continues to disrupt Ukraine’s economic and human environment, French companies are facing new challenges: protecting their employees, understanding their legal obligations, securing their operations, and adapting their insurance coverage to a reality far removed from usual standards.

This webinar aims to provide practical and operational insights into these issues.

With the expertise of Geodesk, we will review employers’ obligations in high-risk areas, threat assessment methodologies, the limits of traditional insurance policies, and the solutions available to build a truly effective and field-adapted Duty of Care approach.

Through case studies, feedback from experience, and answers to participants’ questions, we aim to offer French companies a clear framework for operating in Ukraine in a responsible, compliant, and secure manner.

Speaker

• Gaelle BALDET-LADAN, Chief Executive Officer, GEODESK

Please register no later than Thursday, January 15 at 12:00 p.m.

• Book | "At the Heart of Ukrainian Resilience"

A book that gives voice to Ukrainian resilience

This book brings together fourteen testimonies from employees of companies that are members of the CCIF Ukraine. Through these accounts, they share what it means to work, endure, create, and move forward in Ukraine during wartime. Authentic and moving stories that reveal the strength, determination, and hope of a people fighting for their future.

A bilingual and collaborative project

• Two languages, one story: the Chamber invited those who wished to share their story. From these interviews, they produced a fully bilingual book, in French and Ukrainian, where each story can be read in both languages, side by side.

• A collective creation:  "If this book exists, it is thanks to the witnesses who agreed to stir the ashes and draw a spark from them. These fourteen stories form a chorus. We hear the voices of soldiers and volunteers, journalists, leaders, and employees of Chamber member companies. We encounter hands sorting medicines in an occupied city, legs that tremble but keep moving forward, workshops restarting, teams learning a new trade in a single night, families making a home together, steps aligning to cross the darkness. We see losses, anger, silences, and this persistent thread: to continue." – Maud JOSEPH, Director of CCIFU and author of the French section of the book.

We invite you to read "At the Heart of Ukrainian Resilience", to give it as a gift, to share it… and to let us know your thoughts.

Would you like a book?

Options to obtain it:

• In Kyiv: by appointment at our offices (in the city center of Kyiv), by contacting us at ccifu(@)ccifu.com.ua

• By post: via Nova Poshta within Ukraine and by post in Europe. Please write to us at ccifu(@)ccifu.com.ua. You will only have to pay the delivery costs.

• CCIFU Business Support Services

Navigating the specific challenges of the Ukrainian market often requires reliable local data and administrative support. The CCIFU provides on-the-ground assistance to help businesses understand the regulatory landscape, identify partners, and manage daily operations.

1. Conduct diagnostics

• Define a market entry strategy for Ukraine, tailored to the local context and reconstruction-related needs.
• Carry out company verifications to confirm existence, activities, and reliability.
• Answer strategic and ad hoc questions related to regulations, financing, contracts, markets, or potential partners.

2. Facilitate establishment

• Advise and support company incorporation.
• Offer HR solutions: recruitment, employer of record/payrolling, hosting services.
• Provide strategic support: business intelligence, operational resources, personalized assistance.

3. Let’s Rebuild Ukraine

• An exclusive operational tool dedicated to understanding and developing Ukraine’s private construction and building sector.
• Directory of key industry players: selection and presentation of 270 Ukrainian companies.
• Subscription system including regular updates and a CCIFU hotline for personalized follow-up.

4. Market intelligence and investigation

• Collect and analyze sectoral data: key figures, structure, market size, main players.
• Identify and select potential partners based on defined criteria.
• Provide long-term, on-the-ground support to turn projects into reality.

5. Support your communication in Ukraine

• Organize tailor-made events: receptions, product launches, conferences, forums.
• Coordinate on-site logistics: venue selection, service providers, translation, interpreting, transport, and accommodation.
• Design and produce communication tools adapted to Ukrainian audiences: visual materials, bilingual content, press relations, and media partnerships.