Norwegian development finance institution Norfund plans to allocate an additional €350 million to Ukrainian private businesses in 2027–2030. Including the €93 million already committed, the fund’s total investment in Ukraine is expected to reach €443 million.
The additional funding will be deployed through the Ukraine Investment Fund, which Norfund has managed since 2024. The fund invests in Ukrainian companies through commercial loans and minority equity stakes.
Under Norfund’s plan, €70 million will be allocated to Ukrainian investments in 2027, followed by €93 million annually from 2028 to 2030. Individual investment sizes will range from €5 million to €50 million.
Norfund plans to invest in profitable Ukrainian companies with strong growth potential. Priority sectors include renewable energy, industrial manufacturing, agribusiness, banking, and companies expanding their production capacity or loan portfolios.
When acquiring stakes in Ukrainian companies, Norfund intends to remain a minority investor, with existing owners retaining control of the businesses.
Norfund is a Norwegian investment fund owned by the Government of Norway and focused on investments in developing economies. In Ukraine, the fund participates in financing businesses and projects related to economic recovery.
Projects already backed by Norfund in Ukraine include the expansion of the M10 industrial park in Lviv, the Horizon Capital Catalyst Fund, and the modernization of the Yarych biscuit factory. In December 2025, the fund also invested $15 million in the Rebuild Ukraine Fund (REBUF), managed by Dragon Capital.
