EIB invests €50 million in Amber Dragon, the first-ever infrastructure equity fund for Ukraine’s recovery

• EIB joins EBRD, IFC and other development finance institutions as an investor in the Amber Dragon Ukraine Infrastructure Fund I
• Combined commitments at first close of around €200 million enable the fund to invest in projects that support Ukraine’s recovery
• The fund will support infrastructure projects and companies in Ukraine’s energy, transport and digital sectors
• The EIB contribution is financed through the EU4U Fund, the Bank’s dedicated instrument to support Ukraine’s recovery, backed by 16 EU Member States.

On the margins of the World Economic Forum in Davos, the European Investment Bank (EIB) has signed a €50 million commitment to Amber Dragon Ukraine Infrastructure Fund I (ADUIF), the first-ever specialised infrastructure equity fund investing in Ukraine. The fund is designed to help mobilise private capital in support of Ukraine’s recovery and long-term reconstruction.

Alongside the EIB’s €50 million commitment, the fund is expected to receive commitments from the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), Swedfund and Impact Fund Denmark. Together, these commitments are expected to reach around €200 million at first close, representing more than half of ADUIF’s €350 million target size and enabling the fund to begin investing.

The fund will invest in renewable energy, transport, and digital infrastructure, supporting essential services, economic activity and Ukraine’s long-term resilience. It is managed by a joint venture between Amber Infrastructure, a European infrastructure investor, and Dragon Capital, a leading Ukrainian investment manager, combining international investment expertise with strong local market knowledge.

“This is strong partnership at its best, when the world needs it most. Today the EIB Group joins our partners to demonstrate Europe’s unwavering support for Ukraine. We are proud to invest in the first-ever infrastructure equity fund for Ukraine's recovery to provide emergency energy, reliable transport and basic services to the Ukrainian people,” said EIB Group President Nadia Calviño.

“Since the start of the war, the EIB Group has provided over €4 billion in financing, using a range of instruments to respond to different needs. Equity investment is one of those tools, helping to mobilise private capital where it is most difficult to reach. This is our third investment in an equity fund since the start of the war, and it reflects our confidence in Ukraine’s recovery and in partnerships that can deliver impact at scale,” added EIB Global Director-General Andrew McDowell.