Man wearing a hard hat stands on a lifting platform in front of a bombed-out house

Support for Ukraine – today and tomorrow

    For more resilience

    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.

    A reliable partner

    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..

    KfW at the Ukraine Recovery Conference 2025

    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.

    • At last year's URC in Berlin, the Ukrainian government and the German Federal Government committed to developing the Ukrainian Business Development Fund into a national development institution, modeled after the KfW. This reform is being further advanced with additional funding of 40.5 million EUR for SMEs, which is provided to the BDF by KfW on behalf of the German Federal Government. One aspect that is particularly innovative is the establishment of a credit guarantee facility that will secure private investments and stimulate lending to micro, small, and medium-sized enterprises. KfW will continue to lead the transformation process of the BDF, with the adoption of a BDF law expected as the next milestone.
    • On behalf of the German Federal Government, KfW as the consortium leader has initiated the launch of a new European fund for the reconstruction of Ukraine at the URC 2025. The European consortium includes the governments of Germany, Italy, Poland, and France, their development banks, the European Commission, and the European Investment Bank (EIB). The jointly initiated fund aims to mobilize around one billion euro from private investors for Ukraine's reconstruction and to invest directly into private investment projects in strategic sectors of the Ukrainian economy. This includes rebuilding energy infrastructure, expanding wind and solar power to replace old coal power plants, industrial manufacturing facilities, and digital infrastructure like data centers.
    • The DEG signs new agreements under the ImpactConnect and develoPPP programmes, including the financing of a logistics project aimed at strengthening regional supply chains. This further enhances private sector activities that contribute to stabilising local economic structures.

    Ukraine Recovery Conference 2025

    Further Information

    Financial Cooperation with Ukraine

    Фінансова співпраця з Україною

    Factsheet Ukrenergo

    Business Development Fund (BDF)

    The situation remains volatile - and we remain flexible

    Interview with Lorenz Gessner, head of the KfW office in Ukraine, on the situation in Ukraine three years after the start of the Russian war of aggression.

    Playing and learning during a state of emergency

    In times of war, children need to be given a feeling of security and they need to be treated differently Kindergarten teachers are attending special trainings to learn the best ways for this.

    “The backbone of the economy”

    Interview with Andrii Gapon, Chairperson of the Management Board of the Business Development Fund (BDF), on the state of the Ukrainian economy and the significance of the BDF.

    Stories

    In depth