The International Finance Corporation (IFC), a member of the World Bank Group, has officially joined the group of key international investors backing the newly established Amber Dragon Ukraine Infrastructure Fund I, committing up to €40m in direct equity investment. The fund is targeting a total size of €350m, according to information from official sources and recent reports by industry media.
This decision follows earlier announcements by the European Bank for Reconstruction and Development (EBRD), which stated its intention to invest up to €60m in the fund, and by the European Investment Bank (EIB), which has already confirmed participation at the level of €50m.
Amber Dragon Ukraine Infrastructure Fund I is being established to finance large-scale infrastructure projects exclusively in Ukraine. Its core focus areas include:
- Energy transition: renewable energy generation, transmission, distribution, and storage, including advanced energy storage technologies.
- Digital infrastructure: data centers, telecommunications towers, and fiber-optic networks.
- Transport and logistics: ports, roads, railways, industrial parks, cold storage facilities, and intermodal terminals.
These sectors have experienced a significant capital shortfall as a result of the war, and the creation of this fund is intended to materially improve the investment environment for Ukraine’s critical infrastructure.
The fund will be jointly managed by:
- Amber Fund Management Limited, part of Boyd Watterson Global Asset Management Group, which has completed more than 175 infrastructure investments globally.
- Dragon Capital Advisors Limited, a leading Ukrainian investment partner with deep local expertise and nearly 25 years of operating history.
This combination of global investment experience and strong local market knowledge is expected to support not only capital mobilization but also the effective on-the-ground execution of high value-added projects.
At the Ukraine Recovery Conference (URC2025) in Rome, Dragon Capital and Amber Capital disclosed that:
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the fund will invest in controlling stakes or alongside partners, with ticket sizes ranging from approximately €20m to €50m;
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the first project, Power One, focused on distributed generation and energy storage, has already secured financing from the EBRD.
This investment strategy is designed to attract additional private and institutional investors by building a strong pipeline of high-quality, bankable infrastructure projects.
IFC’s decision to commit up to €40m to Amber Dragon Ukraine Infrastructure Fund I sends a strong signal to international markets: leading Western financial institutions continue to demonstrate confidence in Ukraine’s economic recovery and infrastructure reconstruction. Together with the contributions from the EBRD and EIB, this creates a solid foundation for accelerating the transformation of key sectors of Ukraine’s economy.
