Since the start of the full-scale invasion, France has actively supported Ukraine not only with military and humanitarian aid but also with economic support.
From war risk insurance and export credit guarantees to direct loans and joint investments in projects—France has created a comprehensive system of financial instruments for the recovery of the Ukrainian economy.
What opportunities does France offer to Ukrainian businesses and French companies willing to participate in the rebuilding of Ukraine?
The French Development Agency (AFD) and Bpifrance provide investment guarantees, insurance, and loans, while the intergovernmental agreement (G2G) includes military assistance and grants.
Bpifrance Assurance Export
The French export credit agency provides several financial products: export credit insurance, bank guarantees, investment insurance, tender guarantees, and support for infrastructure and strategic projects.
Financing is available within a package of up to 1 billion euros. Investment insurance includes protection from political and military risks.
Who can benefit?
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Public and private sectors
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Companies registered under French law that make long-term foreign investments
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Banks providing loans to foreign companies
This initiative allows French businesses to confidently invest in Ukraine, knowing that their assets and loans are protected from military risks.
Insurance covers up to 95% of investor or bank losses in case of property destruction, defaults, inability to transfer funds, expropriation, or political violence. For example, in case of expropriation and nationalization, restrictions on transfers and currency conversion, state contract termination, and others.
Ukrainian companies cannot directly obtain financing from Bpifrance Assurance Export. However, Ukrainian enterprises can cooperate with French companies or foreign investors who use Bpifrance mechanisms to raise funds.
More details about Bpifrance Assurance Export tools.
Opportunities from AFD (French Development Agency)
In July 2024, AFD opened an office in Ukraine and plans to provide 400 million euros in loans and 50 million euros in grants by 2027.
Key areas of AFD's work in Ukraine:
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City and regional recovery: Rebuilding critical infrastructure, improving access to urban services, housing, and implementing environmentally sustainable solutions.
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Support for civil society: Assistance for vulnerable groups, enhancing social cohesion, and overcoming the consequences of the war.
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Collaboration with the private sector: Economic recovery through partnerships with European companies.
Ukrainian companies can participate in tenders for projects financed by AFD:
Opportunities from Proparco
Proparco specializes in supporting the private sector by providing grants, loans, and guarantees to businesses and banks.
Key areas of Proparco's work in Ukraine:
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Trade and import financing through guarantees for Ukrainian banks.
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Supporting Ukrainian banks in lending to small businesses and the agricultural sector.
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Investments in companies operating in energy, infrastructure, and food sectors.
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Financing investment funds that provide capital for business recovery.
What does Proparco offer?
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Joint financing with international partners (EBRD, EIB, etc.).
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Investments in private equity funds—in 2024, Proparco invested 17.3 million euros in Horizon Capital and plans further investments.
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Long-term loans and credit lines through partner banks.
How can Ukrainian businesses obtain financing?
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Apply through Proparco partner banks.
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Cooperate with French companies for joint project financing.
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Apply directly to Proparco if the initiative meets international sustainable development standards.
Last year, Proparco and the government of Ukraine signed an agreement to expand their presence in Ukraine.
Opportunities provided by G2G agreements
Last year, Ukraine and France signed a grant agreement for 200 million euros for Ukraine's recovery.
Only French companies could apply, and the governments of Ukraine and France selected 19 critical infrastructure restoration projects within the agreement. Funding applications exceeded available funds threefold. Therefore, the Ukrainian government hopes that other partners will replicate this approach.
How can Ukrainian businesses benefit from this opportunity?
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Engage French companies to collaborate and encourage them to apply for financing from the French government.
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Cooperate with central government bodies and submit projects for review.
France is an example for other countries in implementing new financial mechanisms for Ukraine's recovery. Together, the governments of both countries can expand opportunities and attract even more resources for reconstruction.
