For more than three years, Ukraine has been resolutely fighting against Russia’s war of aggression, which is illegal under international law. The Ukrainians have tolerated immeasurable suffering. Nightly rocket and drone attacks are a sad everyday reality in many cities – not just in the eastern part of the country. But while the war continues, life must go on, the economy must function, schools must remain open, and fields must be tilled. These aspects of life must remain intact if the daily needs for goods and services are to be met and even more suffering is to be prevented. KfW is supporting the country precisely in this regard.
KfW has been working closely with Ukraine on behalf of the German Federal Government since the 1990s. Back then, the main emphasis was on accompanying the transformation towards a modern, democratic state and an open economy. Now the focus has shifted to making Ukraine more resilient through civilian support – be it by restoring (social) infrastructure or creating economic prospects. Establishing a closer relationship to the EU also remains relevant.
With a portfolio currently totalling more than EUR 1.4 billion (as of June 2025), KfW is an important partner for Ukraine. In addition, KfW subsidiary DEG has been advising and supporting its customers from the Ukrainian private sector, particularly from the agricultural, IT and logistics sectors, on an ongoing basis since the start of the war and is supporting German companies in their investment projects via the “develoPPP” and "ImpactConnect" programmes.
KfW Development Bank’s current portfolio includes the three sectors of energy and nature conservation, sustainable economic development and vocational training as well as (social) infrastructure and services, including for internally displaced persons (IDPs) and host communities. The overall aim of KfW’s cooperation with Ukraine is the sustainable and resilient social and economic development of the country.
The cooperation also seeks to get war damage repaired quickly, modernise dilapidated infrastructure and to begin the process of reconstruction now. Whether it is power lines that are destroyed by attacks or buildings that are damaged, reconstruction cannot wait until the fighting is over. Instead, it must happen in parallel. To make this work, KfW is continuously adjusting its portfolio and adapting to new circumstances.
KfW remains a close partner of Ukraine. It will continue to support the country in this difficult time, stand reliably by its side and take responsibility. This applies to strengthening Ukraine's resilience in the current war situation as well as to reconstruction and the process of rapprochement with the EU..
This year, KfW is once again participating in the Ukraine Recovery Conference 2025 (URC2025), taking place on July 10–11 in Rome. The aim is to further intensify its longstanding support for Ukraine, especially during challenging war times. This time KfW focuses on strengthening the financial architecture for reconstruction financing. According to current estimates, the reconstruction of Ukraine could cost over EUR 500 billion depending on the course of the war—a huge amount that cannot be solely covered by public funds. Collaboration with the private sector and mobilization of private capital are crucial for the success of Ukraine’s recovery.
Ukraine Recovery Conference 2025
Financial Cooperation with Ukraine
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