Since the start of the full-scale invasion, France has actively supported Ukraine not only through military and humanitarian aid but also through economic assistance. 

From risk insurance and export credit guarantees to direct lending and co-investment in private projects, France has introduced a comprehensive system of financial instruments to help rebuild the Ukrainian economy.

What financial tools does France offer Ukrainian businesses and French companies willing to participate in Ukraine’s reconstruction?

The Agence française du développement, as well as Bpifrance provide investment guarantees, insurance, and loans, while intergovernmental cooperation (G2G) includes military aid and grants.

Bpifrance Assurance Export

France’s export credit agency provides several products: export credit insurance, bank guarantees, investment insurance, tender guarantees, and support for infrastructure and strategic projects.

These opportunities are available through an overall financing envelope of up to 1 Bn€.

The investment insurance provides a specific protection that covers political and war risks.

Who can benefit?

• Both public and private sectors; 
• Companies registered under French law conducting long-term foreign investments; 
• Any credit institution offering bank loans to foreign entities.

This insurance protects investors or credit institutions providing investment loans against risks of property damage, non-payment, non-transfer, expropriation, or political violence. It covers up to 95% of the investor’s asset losses or receivables. This initiative enables French businesses to confidently participate in Ukraine’s reconstruction, knowing their investments are protected from war-related risks.

Guarantee duration varies depending on the contract type and financial instruments used.

Ukrainian companies cannot directly receive financing from Bpifrance Assurance Export, as the agency exclusively works with French exporters and investors. 

Therefore, Ukrainian companies require a French partner or foreign investor using Bpifrance support mechanisms to secure funding.

Read more: https://www.bpifrance.com/products/investment-insurance/ 

Opportunities from AFD (French Development Agency)

AFD opened an office in Ukraine in July 2024 and plans to provide €400 million in loans and €50 million in grants by 2027.

Key focus areas of AFD in Ukraine: 

• Support for Ukrainian cities and regions: restoring essential services, infrastructure reconstruction, improving residents’ quality of life through access to urban services and housing, while promoting sustainable practices. 
• Support for civil society organizations: assisting the most vulnerable groups, enhancing social cohesion to mitigate war impacts, and advancing economic, social, and environmental recovery. 
• Collaboration with the private sector: enhancing Ukraine’s economic resilience and ensuring long-term prosperity through strong economic partnerships with European countries.

Tenders for AFD-financed projects are regularly published at https://tenders-afd.dgmarket.com. 

Ukrainian private companies can bid to participate in reconstruction projects.

Opportunities from Proparco

Proparco specializes in supporting the private sector, providing grants, loans, and guarantees to businesses and banks.

Key focus areas of Proparco in Ukraine:

• Support for trade finance and import activities, through guarantees on trade finance operations issued to Ukrainian banks issuing stand-alone letters of credit/letters of credit by;
• Support to Ukrainian financial institutions in the development of their SME and agri-food portfolio;
• Support for companies active in the energy / infra and agri-food sectors, with a special focus on companies serving the local market;
• Support for investment funds that provide capital essential to the recovery of business activity or the emergence of tomorrow’s champions.

Proparco offers: 

1. Co-financing with partners – EBRD, EIB, and other international financial institutions. 
2. Investment Fund Financing – Proparco invested €17.3 million in Horizon Capital in 2024 and plans additional investments in Ukrainian private equity funds. 
3. SME support – access to capital, long-term financing, and credit lines through banks.

How can Ukrainian businesses access funding? 

• Apply through partner banks cooperating with Proparco. 
• Partner with French companies eligible for joint project financing. 
• Apply directly to Proparco if initiatives meet international sustainability standards. Last year, Proparco and the Ukrainian government signed an agreement to expand Proparco’s presence in Ukraine.

Opportunities under G2G Agreements

Last year, Ukraine and France signed a €200 million grant agreement for Ukraine’s reconstruction. Only French companies could apply, and projects were jointly selected by the Ukrainian and French governments. Applications exceeded the available funding threefold.

We hope that other partners will replicate this initiative.

How can Ukrainian businesses maximize this opportunity? 

• Partner with French businesses and encourage them to apply for French government financing. 
• Collaborate with central executive authorities and submit projects for consideration.

Systematic and consistent support for Ukraine’s reconstruction from French government serves as a leading example for other countries on implementing innovative financial mechanisms for Ukraine’s rebuilding efforts.

Source: https://me.gov.ua