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EBRD invests EUR60 million in Amber Dragon Ukraine Infrastructure Fund

23.01.2026 15:05 "Agro Perspectiva" (Kyiv) — Cornerstone investment to boost green and resilient infrastructure in Ukraine

EBRD invests up to EUR60 million to Amber Dragon Ukraine Infrastructure Fund I

Fund targets renewable energy, sustainable transport and digital infrastructure projects

Investment supports Ukraine’s reconstruction, energy security and decarbonisation

The European Bank for Reconstruction and Development (EBRD), subject to closing conditions, is investing up to EUR60 million to Amber Dragon Ukraine Infrastructure Fund I (ADUIF), a new investment vehicle dedicated to rebuilding and modernising Ukraine’s infrastructure.

The first such Ukraine infrastructure fund, ADUIF has attracted approximately EUR200 million in commitments, representing more than 55 per cent of its target EUR350 million size. A signing ceremony was held at the Ukraine House Davos during the World Economic Forum Annual Meeting.

Subject to closing conditions, the Fund will receive commitments from the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the International Finance Corporation (IFC), Swedfund, Impact Fund Denmark, and fund sponsors Amber Infrastructure and Dragon Capital.

The high level of commitments demonstrates substantial investor confidence in ADUIF’s strategy and the long-term potential of Ukraine’s infrastructure sector. The Fund will deploy capital into renewable energy, transport, and digital infrastructure, essential sectors to Ukraine’s resilience and reconstruction. Reconstruction is expected to cost at least an estimated US$ 524 billion.

The Fund will focus on a portfolio including renewable energy generation, sustainable transportation and digital infrastructure projects. These investments will play a critical role in strengthening Ukraine’s energy security, improving connectivity and supporting the country’s long-term economic recovery.

Greg Guyett, EBRD First Vice President, said: «Ukraine’s infrastructure has faced unprecedented challenges in wartime, and rebuilding it to modern, sustainable standards is central to the country’s reconstruction planning. By supporting Amber Dragon Ukraine Infrastructure Fund I, EBRD is reinforcing its commitment to Ukraine’s reconstruction and resilience, while promoting private sector participation in critical sectors.»

Amber Infrastructure and Dragon Capital are long-term partners and bring complementary strengths: Amber’s long-standing experience in global infrastructure including in the neighbouring central and eastern European markets, having overseen the investment of around EUR1bn across the region, and Dragon Capital’s decades of investment leadership and on-the-ground presence in Ukraine. Since Russia’s full-scale invasion in 2022, Dragon Capital has invested over $100 million in the Ukrainian economy, demonstrating sustained commitment to the country’s economic future.

The EBRD has an established partnership with Dragon Capital, including a recent US$ 25 million investment in its Rebuild Ukraine Fund to support SMEs and mid-cap businesses, and joint work on renewable energy projects such as power generation and battery storage facilities.

The EBRD has substantially increased its investments in Ukraine since Russia launched its full-scale war there in 2022, deploying more than EUR9 billion to support energy security, vital infrastructure, food security, trade and the private sector. The Bank is Ukraine’s largest institutional investor.

About Amber Infrastructure

Amber is part of Boyd Watterson Global Asset Management Group LLC (‘Boyd’), a global diversified infrastructure, real estate and fixed income business with over $36 billion in assets under management and over 300 employees with offices in eight US cities and twelve countries.

Amber itself is a specialist international investment manager focused on investment, asset management and fund management. Amber currently manages or advises nine funds and managed accounts (two listed and seven private) with c.£5 billion in funds under management. With a presence across 12 countries, Amber manages over 200 infrastructure investments representing total assets under management (‘AUM’) of £14 billion (c.$19 billion) as at 30 June 2025. Amber’s core business focuses on managing infrastructure assets across the public, transport, energy, digital and demographic infrastructure sectors internationally. Amber is headquartered in London with offices in Europe, North America, Australia and New Zealand.

About Dragon Capital

Dragon Capital is one of the most active independent private investment management and investment banking firms operating in Ukraine. It is an existing EBRD client. Founded in 2000, Dragon Capital has close to 30 years of experience in managing funds and investing in Ukraine’s leading manufacturers of goods and service providers, as well as in landmark residential and commercial real estate projects.

Agro Perspectiva

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