The U.S. International Development Finance Corporation (DFC) has approved financing for Ukrainian telecommunications operator Vodafone Ukraine to strengthen and modernize critical communications infrastructure amid the ongoing war. The transaction was approved by the corporation’s Board of Directors on September 16 as part of a new DFC investment package totaling more than $8 billion, which also includes a financing project for energy holding DTEK to build 200 MW / 400 MWh energy storage systems.
According to DFC, the financing will support the development of a modern telecommunications network, while the company will gain access to 5G infrastructure based on advanced technologies classified by the U.S. side as “trusted technology.” The large-scale project is also expected to benefit U.S. companies operating in Ukraine by providing them with direct access to upgraded and secure communications infrastructure.
Vodafone Ukraine continues to maintain a strong position in the domestic market. According to data from the National Commission for the State Regulation of Electronic Communications, Radio Frequency Spectrum and Postal Services (NCEC), Kyivstar ranked first by revenue in 2025 with UAH 44.16 billion. Vodafone Ukraine ranked second with UAH 25.59 billion, while lifecell placed third with revenue of UAH 15.74 billion. Annual revenue growth for the three operators amounted to 20.3%, 13.1% and 19.1%, respectively. The company’s financial performance has continued to show positive momentum this year: in the first half of 2026, Vodafone Ukraine increased revenue by 11% year-on-year to UAH 14.9 billion, while net profit rose by 14% to UAH 1.95 billion.
On the U.S. side, the key support instrument is the U.S. International Development Finance Corporation (DFC), a U.S. government financial institution established in 2019 through the consolidation of OPIC and USAID’s Development Credit Authority. The corporation invests actively in emerging markets through direct loans, credit guarantees, equity investments and political risk insurance. DFC is headquartered in Washington, D.C., and as of the end of FY2025, its active investment portfolio stood at approximately $43.4 billion, against a total statutory contingent liability limit of $205 billion set by the U.S. Congress.
