The Ministry of Economy, Environment, and Agriculture of Ukraine held a working meeting with the Japan International Cooperation Agency (JICA)—a governmental organization of Japan that implements international development programs and supports partner countries in economic recovery, modernization, and private sector development.
For Ukraine, JICA is one of the key partners helping to attract investments, strengthen institutions, and create new opportunities for business.
During the discussion, JICA presented a new component of its SME support project, which started in October 2025. Its goal is to determine the future forms of Japanese government support for Ukrainian businesses, particularly innovative companies and joint Ukrainian-Japanese projects.
Two main areas were highlighted:
- Technical assistance – launching pilot joint projects and strengthening institutions such as the Ukrainian Startup Fund (USF).
- Financial support – creating investment funds, credit instruments, and co-financing models.
The agency reviewed five potential models of financial cooperation with Ukraine, including:
- Business lending through BDF or state banks (already possible under current regulations).
- Participation in funds that invest in Ukrainian companies.
- Potential creation of a Fund of Funds (FoF)—a tool that pools government and private investor resources to channel them into venture funds.
JICA emphasized that launching a FoF in Ukraine would require significant legislative changes, whereas credit instruments could be implemented more quickly.
The meeting also included a detailed discussion of Ukraine’s startup ecosystem. The presented data revealed significant financing gaps—from Seed to Series A and beyond—which prevent innovative companies from scaling.
“We are interested in tools that actually work: fast business loans, investment funds, and partnership projects with Japanese companies. Japan is one of our most technologically advanced partners, and JICA’s involvement can serve as a bridge giving Ukrainian startups access to markets, capital, and expertise. This is not just support—it’s a chance to grow a new wave of Ukrainian tech companies,” said Pavlo Kartashov, Deputy Minister of Economy, Environment, and Agriculture of Ukraine.
The new JICA mechanisms could:
- Reduce startups’ reliance on grant funding.
- Attract long-term investment capital.
- Create more opportunities for Ukrainian-Japanese tech projects.
- Help Ukrainian companies scale to international markets.
The Ukrainian ministry provided its analysis of the proposed models and outlined areas where new investment tools are needed. The parties also identified state institutions that should be involved in further development of these financial mechanisms.
