Poland has launched a program worth 250 million zlotys to support business projects of its companies in Ukraine. The Ministry of Economy of Ukraine reports that Poland has allocated 250 million PLN (ca. 58.25 million EUR) for preferential loans for companies that will be involved in projects on restoration of Ukraine. The program started on April 22, 2025.
Maximum amount of one loan makes up 10 million PLN (2.33 million EUR), the interest rate is 2% and the repayment period is 12 years. Three partner companies of the Polish Bank Gospodarstwa Krajowego have started accepting applications.
The loans can be used for investments, working capital, export and import development, as well as cooperation between Polish and Ukrainian enterprises.
The program “Credit for Participation in Reconstruction of Ukraine” provides that preferential loans will be used for transportation, logistics, storage of goods and construction materials, development of infrastructure, including roads, railways, energy, water supply, public and housing construction.
In addition, financing is provided for drafting feasibility studies, research and investment projects, as well as activities of medical companies, including manufacturing products such as prostheses and dressings intended for Ukraine.
Terms of preferential loan include import of services and products from the counterparties from Ukraine and providing goods and services to companies engaged in reconstruction of the Ukrainian economy, directly supporting their activities.
In addition, loans can be used to purchase real estate in Poland for construction of warehouses, factories or plants, if any related to investment purposes. Some industries have additional preferences.
In early March 2025, the European Commission and EIB signed guarantees for 2 billion EUR for Ukraine reconstruction.
At the same time, Ukraine and France agreed on 19 reconstruction projects for 200 million EUR.
In early April, Prime Minister Denys Shmyhal said that in 2025, total financing gap for Ukraine reconstruction needs made up almost 10 billion USD.
The European Business Association has published the first twenty businesses included in the «Investment Leaders» list.
«Investment Leaders» is an open list of the EBA member companies that have been implementing large-scale investment projects – valued at USD 10 million or more – since the full-scale invasion. By their example, these companies demonstrate that Ukraine remains an attractive country for investment despite the war and its associated challenges.
Since 2022, the EBA member companies have announced more than USD 3 billion in large-scale investments. Of this total, USD 287 million represents completed projects, USD 2.57 billion is currently under implementation, and USD 172 million is planned.
In particular, the following projects and companies have been included in the list:
ArcelorMittal Kryvyi Rih – Mining, steel operations and infrastructure investments as part of company efforts to support competitiveness and H&S improvement of labor conditions during the war – USD 325 million
Bayer – Seed Plant Expansion – EUR 60 million
Biosphere Corporation –Acquisition of the Alufix brand – USD 10,6 million
Cersanit Invest – Reconstruction and expansion of production workshops – USD 16 million
City One Development – Float glass production plant – USD 140 million
DTEK – Tyligulska wind power plant – EUR 650 million
Elementum Energy – Dnistrovska Wind Farm (Phase 2) – USD 110,5 million
EPAM Systems – Office complex – USD 50,8 million
Knauf Gips Kyiv – Building materials production plant – EUR 150 million
Kyivstar – Investments in the development and restoration of Ukraine’s digital infrastructure 2023-2027 – USD 1 billion
McDonald’s Ukraine – Opening of new and renovation of existing McDonald’s restaurants – USD 85,6 million
NEQSOL HOLDING – Privatization of theJCS United Mining and Chemical Company – USD 96 million
Nestlé Ukraine – New instant noodle production plant – USD 45 million
Philip Morris International – Launch of a new production facility – USD 30 million
Podilskyi Cement JSC (CEMARK) – Сomplex for the shipment of cement – USD 34 million
Saint-Gobain Construction Products Ukraine – Rigips Plant – EUR 11 million
Ukrtelecom – Modernization/replacement of copper infrastructure with modern optical infrastructure – USD 20 million
Unilever – Personal care products manufacturing factory – EUR 20 million
Ventilation System (VENTS) – Expansion of production capacities and product range – USD 13,2 million
ZAMMLER UKRAINE – Development of a class-A logistics complex – USD 34 million
The first companies on the list were announced as part of a special European Business Association event held on the occasion of Europe Day. Ukraine’s European movement opens new opportunities for business in Ukraine and enhances our country’s investment attractiveness. By investing in Ukraine, you are investing in a future EU member.
Ukrainian Prime Minister Yuliya Svyrydenko held a meeting with a Romanian delegation led by Deputy Prime Minister and Minister of National Defense Liviu-Ionut Moștianu.
During the meeting, the parties discussed key areas of cooperation between Ukraine and Romania:
Defense and Security: Ukraine highly values Romania’s assistance, including prospects for joint production of drones and weaponry.
Reconstruction: Romanian partners expressed interest in projects in transport and energy sectors, development of border infrastructure, and financing of small and medium-sized businesses.
EU Fund Experience: Both sides agreed to enhance cooperation to attract European funding.
Border Management: Modernization of existing and opening of new checkpoints was discussed in coordination with Moldova.
An important topic was Ukraine’s European integration.
Prime Minister Svyrydenko emphasized:
“Ukraine is technically ready to open the first three negotiation clusters and counts on Romania’s support to ensure Ukraine and Moldova advance together on this path.”
President Volodymyr Zelensky has signed a law introducing a number of tools to simplify the operation of the public-private partnership (PPP) mechanism.
This was reported by Ukrinform, citing the bill’s card on the parliament’s website.
The document provides for attracting private investment to accelerate the restoration of infrastructure and the construction of new facilities.
The purpose of the law is to simplify the procedure for preparing and implementing PPP projects. In particular, it proposes the introduction of an “infrastructure installment payment” mechanism, simplifies project preparation (without feasibility studies and efficiency analyses), and allows the implementation of small projects worth up to €5.3 million.
The law also introduces an electronic tendering system, standard qualification requirements for investors, and expands the powers of local authorities.
As reported by Ukrinform, on June 19, the Verkhovna Rada adopted in the second reading and as a whole the law (bill No. 7508), which introduces a number of tools to simplify the operation of the public-private partnership mechanism.
Yuliia Svyrydenko, the Minister of Economy of Ukraine, in an interview with RBK-Ukraine (jointly with other members of the negotiating team that worked on the agreement), explained how the Investment Fund would work in the framework of the Minerals Agreement between Ukraine and the US.
She notes that over the next 10 years, the Fund will invest in Ukraine in projects related to critical materials, oil, gas, as well as infrastructure (ports and terminals).
In Washington, Yuliia Svyrydenko signed just one agreement on the creation of the Fund. It is to be ratified on Thursday, May 8. The remaining agreements will be commercial in nature and will no longer be signed by the government. On the Ukrainian part, the signatory is the Agency for the Support of Public-Private Partnerships (PPP), on the US part, the signatory is the International Development Finance Corporation (DFC).
The document provides profit distribution only after 10 years; until that moment, there will be only investments and only in Ukraine. At the moment of signing, shares in the Fund in Ukraine and the United States are the same: 50/50. Further, there is an opportunity to make additional contributions.
On April 30, Ukraine and the United States signed an agreement on economic cooperation, which provides for the creation of the Investment Fund. To launch it, it will be necessary to sign two more documents, the drafts of which are still being prepared. Just on May 8, the text of the agreement is expected to be ratified by the Supreme Council of Ukraine.
Previously, USM reported that in the framework of the old agreement on minerals, Donald Trump wanted full control over Ukrainian ports.
Poland has launched a program worth 250 million zlotys to support business projects of its companies in Ukraine. The Ministry of Economy of Ukraine reports that Poland has allocated 250 million PLN (ca. 58.25 million EUR) for preferential loans for companies that will be involved in projects on the restoration of Ukraine. The program started on April 22, 2025.
The maximum amount of one loan makes up 10 million PLN (2.33 million EUR), the interest rate is 2% and the repayment period is 12 years. Three partner companies of the Polish Bank Gospodarstwa Krajowego have started accepting applications.
The loans can be used for investments, working capital, export and import development, as well as cooperation between Polish and Ukrainian enterprises.
The program “Credit for Participation in Reconstruction of Ukraine” provides that preferential loans will be used for transportation, logistics, storage of goods and construction materials, development of infrastructure, including roads, railways, energy, water supply, public and housing construction.
In addition, financing is provided for drafting feasibility studies, research and investment projects, as well as activities of medical companies, including manufacturing products such as prostheses and dressings intended for Ukraine.
Terms of preferential loans include the import of services and products from the counterparties from Ukraine and providing goods and services to companies engaged in the reconstruction of the Ukrainian economy, directly supporting their activities.
In addition, loans can be used to purchase real estate in Poland for the construction of warehouses, factories, or plants, if any, related to investment purposes. Some industries have additional preferences.
In early March 2025, the European Commission and EIB signed guarantees for 2 billion EUR for Ukraine’s reconstruction.
At the same time, Ukraine and France agreed on 19 reconstruction projects for 200 million EUR.
In early April, Prime Minister Denys Shmyhal said that in 2025, the total financing gap for Ukraine’s reconstruction needs would be almost 10 billion USD.
The Ukrainian Sea Ports Authority reports that the Ukraine-EU business summit discussed the restoration of Ukraine through the prism of European reindustrialization.
At the panel discussion dedicated to the port industry development, USPA Chairman Oleksandr Semyrga presented a vision for restoration and modernization of Ukrainian port infrastructure both in wartime and in the long-term perspective.
He focused on the development of the Danube ports as strategic multimodal hubs, as well as the need to restore the damaged infrastructure of the Greater Odesa ports.
Oleksandr Semyrga emphasized, “Today, it is important to build up sustainable partnerships and to strengthen cooperation with the international community. Jointly with the restoration of infrastructure, we are creating a foundation for a modern, competitive, and innovative port system of Ukraine”.
In particular, the USPA confirmed its readiness to implement investment projects in the framework of public-private partnerships, concession mechanisms, and with the support of international financial organizations.
Special attention was drawn to integration of Ukrainian ports into the TEN-T network aimed to strengthen transport sustainability of Europe.
It should be noted that at the seminar “Investments in Ukrainian Ports: Strengthening the Role as Intermodal Hubs” the delegates presented a list of specific initiatives with a high degree of preparation that can be implemented in the short-term prospect.
From June 2 to 6, a team of World Bank experts, together with representatives of the Ministry of Finance and the Government of Ukraine, is working on agreeing on the key parameters of a new agreement regarding the “Foundations of Growth” Development Policy Loan. The agreement envisages attracting a loan from the International Bank for Reconstruction and Development (IBRD) in the amount of at least $1 billion in 2025.
“The World Bank is one of Ukraine’s key strategic partners in promoting systemic reforms. We continue our joint work on a new Development Policy Operation (DPO), thanks to which we will not only be able to attract the necessary resources to support the state budget, but also stimulate recovery and economic development. Last year, within this mechanism, $3.5 billion was received into the state budget. This made it possible to cover priority expenses, support financial stability, and implement important reforms, particularly those related to customs and tax policy, state-owned enterprises, the energy sector, the banking sector, and the development of the private sector,” noted Deputy Minister Olga Zykova.
The DPO is a systemic project aimed at supporting reforms in Ukraine. The funds provided by the project will be allocated to the general fund of the state budget upon the fulfillment of specific conditions.
The key reforms concern strengthening the foundations of economic policy aimed at ensuring sustainable growth.
In particular, the parties discussed reform measures in the social sphere, which will be included among the conditions of the new DPO.
“Starting July 1, 2025, Ukraine will launch a pilot programme to introduce basic social assistance. This is a new type of support that will combine several existing social payments into one. Basic assistance will be provided to Ukrainian citizens who meet the eligibility criteria. The base amount will be 4,500 hryvnias.”
It is expected that Ukraine will receive at least $1 billion under the project by the end of 2025. The parties agreed to continue the necessary work on implementing the DPO programme.
Efforts to overcome the negative consequences of Russia’s armed aggression against Ukraine and to restore investment and material-technical support for agricultural production should begin immediately, said Oleksandr Zakharchuk, Head of the Investment and Material-Technical Support Department at the National Scientific Center “Institute of Agrarian Economics” and corresponding member of the National Academy of Agrarian Sciences (NAAS). He made the statement during a Bureau meeting of the NAAS Presidium.
According to calculations by the institute’s researchers, the direct losses suffered by Ukrainian agriculture due to Russia’s full-scale invasion and temporary occupation amounted to $11.2 billion as of early 2025. These include:
$6.5 billion (58%) in destroyed or damaged agricultural machinery;
$1.9 billion (17%) in destroyed or disabled grain storage facilities;
$1.9 billion (17%) in stolen or lost production assets and finished goods;
$0.9 billion (8%) in other forms of damage.
By type of equipment, the largest machinery losses are as follows:
Tractors: approx. 30,000 units
Combines: 2,500 units
Seeders: 11,000 units
Ploughs: 8,700 units
The Institute of Agrarian Economics has identified key strategies for the post-war recovery of agricultural investment and equipment capacity. These include:
Creating an attractive investment climate for rebuilding domestic machinery production and establishing joint ventures to manufacture innovative, high-performance, and eco-friendly equipment;
Simplifying business operations and reducing red tape;
Implementing protectionist policies to limit imports of low-quality, underpriced equipment through quotas and higher tariffs;
Reviving state programs to finance the recovery and development of Ukraine’s agricultural machinery industry;
Encouraging increased production of small-scale machinery;
Involving households and small farms in targeted state programs for agricultural development;
Easing taxation on critical equipment imports to ensure priority access;
Relocating agricultural machinery enterprises and their staff from combat zones and training new specialists.
Zakharchuk concluded that implementing these measures will help agricultural enterprises function and grow effectively, thereby boosting the sector’s performance and strengthening Ukraine’s food security.
Russian attacks on Ukrainian ports have killed over 30 workers and caused billions of dollars in damage, yet most terminals remain operational.
Edgar Martin of Infospectrum, part of Lloyd’s List Intelligence, provides a brief summary and background of the Ukrainian shipping sector in wartime.
THE full-scale Russian invasion of Ukraine in February 2022 has radically altered Ukrainian shipping.
War has rerouted its trade flows, but it has also displaced a once thriving maritime sector that has had to rapidly adapt to operations, often carried out in exile.
The impact of Russia’s naval blockade at the start of the war was perhaps the most visible aspect of this enforced sectoral transformation.
The closure of Black Sea ports meant that Ukraine’s hitherto largely ignored Danube terminals came into their own and started handling more cargo than most had previously assumed possible.
A seven-metre draught restriction limits these facilities to small vessels (typically no more than 10,000 dwt) and resulted in significant levels of congestion. But while other countries talked theoretically about supply chain resilience, Ukraine delivered it.
A UN- and Turkey-brokered Grain Initiative initially got things moving, but since September 2023, a Ukrainian-managed Safe Corridor has enabled the transport of over 120m tonnes (76m of which is agricultural products), according to government figures. This, in part, has come via the widespread support of Ukrainian operators.
According to Lloyd’s List Intelligence vessel tracking data, an average of 198 grain-carrying vessels called at Ukraine’s Black Sea ports each month in 2024.
Intensive and frequent aerial bombardment by Russia of Ukrainian Black Sea and Danube port facilities has had a devastating impact. Due to limited reporting on damage to strategic infrastructure, only certain details have been revealed, but at least 30 port workers have been killed, and estimates of the cost and timescale to repair or rebuild terminal facilities is in the several billion US dollars, over at least five years. Nevertheless, most terminals continue to operate.
But it is not just the loss of life and damage to infrastructure that has changed Ukrainian shipping.
Prior to the war, Ukrainian shipping was dominated by charter operators based in Odesa. Most now, however, operate “in exile” from Glyfada and other suburbs of Athens.
Many had branches in Greece long before the war, but since the fighting began much of Ukraine’s shipping operations have decamped to Athens on a semi-permanent basis.
These companies are acclimatising and have started to employ more Greek and international staff; they are firmly regarded as Ukrainian for the time being, but it is unclear how long this will last.
Will they return to Ukraine after the war? Many believe that they will return to Odesa, although with most men prohibited from leaving Ukraine during wartime, there may be some resentment when those who did leave go back.
Meanwhile, during the war two major Ukrainian grain trading groups (Kernel and Agroprosperis) decided to invest in their own tonnage, a major (although small scale at present) new development flagged by many Ukrainian shipping observers as a hopeful step potentially towards a major new fleet for the country.
Shipping out of the Soviet shadow
Dramatic changes have been witnessed over the course of the war, some for the better and Ukrainian shipping is far different from where it stood at its exit from the USSR 34 years ago.
The Soviet-era Odesa-based Black Sea Shipping Company (Blasco) was supposedly the largest shipping company in Europe by the late 1980s, but its fleet quickly and suspiciously dispersed in the early-to-mid 1990s.
Some of the fleet remained managed by “apartment companies” based in Ukrainian ports for a little longer, but were eventually sold on or scrapped. Despite the limited continuation of the US drinks giant’s Soviet era “Pepsi for Ships” scheme, which planned to build tankers in Ukrainian shipyards, there was no serious fleet replacement.
Nevertheless, world-class seafarer training centres remained (and remain today). This has led to the almost continuous expansion of Ukraine’s crewing agency sector. Today, Ukraine is widely estimated to have around 150,000 active seafarers, ranking the country in the top five or six seafaring nations globally.
By the late 1990s, many shipping managers had moved to the chartering departments of Ukrainian industrial producers and grain traders, groups that by then had to charter from the global shipping market. Other shipping professionals established or were employed by newly formed charter operators, principally aimed at serving the aforementioned two huge sectors. Initially, Industrial Carriers Inc. (ICI), dominated the local market; it was registered in the Marshall Islands in 1999, operated from Odesa, but collapsed in 2008, reportedly with substantial debts.
Newly incorporated Odesa-based charter operators from the mid-to-late 2000s started to change the market for the better. Aquavita and the group of companies initially led by Phaethon International Company SA (Phaethon) of Panama from 2009 led the way with open and professional operations, with both rapidly expanding in the 2010s. Odesa became well-known for being the centre of a large charter operator sector, behind which were mainly local shipping professionals mostly supported by local money (large business groups or “oligarchs” are not known to have been involved). Whilst not registered in Ukraine, most charter operators have local administrative subsidiaries.
Aquavita continues to dominate the market. Newer companies, such as BPG Shipping Company DMCC (BPG) of the United Arab Emirates (incorporated in 2017) have also grown rapidly. Aquavita and BPG were both originally managed from Odesa, but they had offices in Athens from before 2022. These and many other companies strictly have no Russian dealings, although, to the surprise of many, certain Ukrainian charter operators continue to handle Russian cargoes.
Reputation reclaimed
Despite the sometimes-troubled reputation of the Ukrainian shipping sector, which may stem from the rapid break-up of Blasco, and later ICI, the majority of professional and open Odesa-based companies were largely successful in turning the reputation of Ukrainian shipping around by the late 2010s.
By operating professionally and competitively, certain companies have seen considerable financial success. The principals of several Ukrainian charter operators have invested in their own tonnage in recent years, although the owned units are often managed entirely separately from the group’s operation of third-party tonnage. Meanwhile, other charter operators have moved into the provision of commercial and technical management services for third-party clients. More traditional shipowning and management structures have also existed in Ukraine for several years, such as the 12-strong fleet of the Intresco group.
From the Wild West of the 1990s and later the failure of ICI, dependable charter operators and vessel managers have expanded in scope and size. Perhaps most critically, their reputation has improved. Many of these companies have proved themselves over many years to be reliable partners. For many companies this has continued despite the Russian invasion.
Rogue elements remain, but for those who undertake suitable due diligence, even during wartime they will find world-leading charter operators, vessel managers, professional charterers at grain trading groups, and top-quality seafarers and officers in Ukraine.
Edgar Martin is Infospectrum head for Central & Eastern Europe
