Belgian development finance institution BIO is investing $6 million in the Rebuild Ukraine Fund (REBUF), managed by Ukrainian investment company Dragon Capital. The fund will provide capital to Ukrainian companies affected by the war that continue to demonstrate growth potential. Including the new commitment, BIO’s total investment in Ukrainian projects in 2026 has reached €21 million.
The agreement was announced by BIO CEO Joris Totté during a signing ceremony in Kyiv. According to him, supporting Ukraine involves not only financing public-sector projects but also backing businesses that keep the country’s economy functioning.
“Supporting Ukraine means supporting the businesses that keep its economy running. By investing in REBUF, BIO is helping Ukrainian companies access long-term capital to strengthen resilience, adapt and grow,” Totté said.
According to him, the investment in REBUF is also intended to demonstrate that international solidarity can be combined with responsible investment. BIO’s participation also reflects international investors’ confidence in Ukrainian businesses and the country’s long-term economic prospects.
BIO’s investment strategy in Ukraine focuses on three key areas: expanding access to financing for businesses, energy and agriculture.
In addition to its investment in REBUF, the Belgian institution invested €3 million in Bank Lviv in 2026. The funding is intended to expand access to finance for Ukrainian small and medium-sized enterprises. BIO also provided €7 million to NOTUS Energy for the construction of a 120 MW wind power project.
As a result, BIO’s total new investment in Ukrainian projects this year has reached €21 million.
BIO’s commitment forms part of the capital raised by the Rebuild Ukraine Fund. According to REBUF Managing Director and Head of Private Equity at Dragon Capital Andriy Nosok, the Belgian institution’s investment, together with commitments from other international development finance institutions, enabled the fund to complete its first close at $102.5 million against a target size of $250 million.
REBUF has already begun investment activities and plans to invest in Ukrainian companies with further growth potential that are simultaneously dealing with the consequences of the full-scale war. Key challenges facing such businesses include supply chain disruptions, energy constraints, labor shortages and damage to production and other assets.
Nosok expects the fund to complete several investment transactions as early as 2026.
REBUF is the first private equity fund established after the start of Russia’s full-scale invasion to invest in real assets of Ukrainian businesses. The fund has a target size of $250 million.
The fund plans to invest across a broad range of sectors of the Ukrainian economy, including consumer goods and services, healthcare and pharmaceuticals, financial services, agriculture, construction materials manufacturing, retail and technology.
REBUF’s investors include the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), Norway’s Norfund, Sweden’s Swedfund, Belgium’s BIO and Dragon Capital, which serves as the fund manager.
BIO is 100% owned by the Belgian state. The organization has been operating since 2001 and finances businesses, financial institutions and infrastructure projects in African countries.
