Ukrainian Railways (Ukrzaliznytsia)’s portfolio of international projects has exceeded €1 billion, creating a substantial investment framework for the modernization and recovery of Ukraine’s railway infrastructure.
The portfolio consists of projects involving international financial institutions and donors that are either already being implemented or are being prepared for launch, with financing provided through grants, concessional loans, and other support instruments.
According to Volodymyr Shemaiev, Director of the company’s International Projects Office, these funds do not constitute direct financing for operating activities, but rather represent targeted investments in infrastructure resilience and the long-term development of the sector. In effect, this reflects the creation of a large-scale project pipeline focused on post-war recovery and improving the efficiency of Ukraine’s railway system.
The shift in the financing model has become a strategic response to limited domestic resources. Ukrzaliznytsia is reorienting itself away from traditional funding sources — freight revenues and state budget support — toward attracting external capital. This opens the way for structuring long-term investment programs with international partners and reduces pressure on internal funding sources.
The key areas of investment include the restoration of damaged infrastructure, renewal of rolling stock, development of logistics hubs, and improvements in energy efficiency. These projects are viewed as the foundation for the further integration of Ukraine’s railway network into the European transport space.
An additional potential instrument for attracting resources could be access to humanitarian aid. The company is currently working with the government to obtain official recipient status, which would allow it to receive material resources — equipment and components — outside commercial financing mechanisms. This could significantly reduce capital expenditures for certain projects and enhance their investment appeal.
Thus, the portfolio of more than €1 billion reflects not only current support for the sector, but also lays the groundwork for a large-scale investment cycle in Ukraine’s railway infrastructure. In the longer term, this could help attract additional private capital and expand the participation of Ukrainian businesses in major infrastructure projects, including cooperation with international manufacturers such as Alstom.
