The Belgian development financial institution BIO has become a new investor in the Rebuild Ukraine Fund. The funds will be used to support Ukrainian small and medium-sized enterprises in key sectors for economic recovery.
Belgian Development Finance Institution BIO invested $6 million in Rebuild Ukraine Fund (REBUF) — a direct investment fund focused on the development of the real sector of the Ukrainian economy. Manages the fund Dragon Capital.
This was reported by the Ministry of Economy of Ukraine.
The relevant agreement August 18, 2026 in Kyiv signed by REBUF head Andrii Nosok and BIO CEO Joris Totte.
The ceremony was attended by Deputy Prime Minister of Belgium Maxim Prevost, Deputy Minister of Economy and Environment of Ukraine Vitaly Kindrativ and Ambassador of Belgium Luc Jacobs.
The first private equity fund during a full-scale war
REBUF is positioned as the first private equity fund created in Ukraine since the start of the full-scale invasion for investments in real assets of the Ukrainian economy.
Its main purpose is not just lending to enterprises, but long-term investments in companies and production assets, which can ensure business development and economic recovery.
In general, the fund plans to attract $250 million.
The first REBUF close occurred in January 2026. They joined the fund then EBRD, IFC, Norfund, Swedfund and Dragon Capital.
The arrival of BIO increases the fund's financial capabilities and at the same time demonstrates the willingness of international investors to invest directly in the Ukrainian private sector.
What industries is the fund designed for
REBUF focuses primarily on small and medium enterprises, who work in sectors important for the economic stability and future recovery of Ukraine.
Priority areas include:
It is these areas that have significant potential to attract capital, as they combine domestic demand with prospects for scaling and economic recovery.
Financing the production of building materials and the agricultural sector is especially important. They are directly related to the reconstruction of infrastructure, housing and the restoration of production chains.
$250 million can be directed to the Ukrainian economy
BIO's current investment is only a fraction of REBUF's planned volume.
The fund expects to attract a total of $250 million, which can be invested in Ukrainian companies in the future.
For businesses, this means the emergence of an additional source of capital, especially for enterprises that find it difficult to attract sufficient financing through traditional bank loans.
Unlike short-term lending, direct investment can be used for expansion of production, acquisition of equipment, launch of new directions, scaling of companies and recovery of assets.
BIO has already invested in Ukrainian projects
For the Belgian BIO, the investment in REBUF is not the first project in Ukraine.
The financial institution has already directed:
- €3 million to Bank Lviv — for further financing of small and medium-sized businesses;
- €7 million in NOTUS Energy;
- more €4.8 million was additionally allocated to the special investment resource BIO for Ukraine.
Thus, the new investment in REBUF is part of a wider program for the presence of Belgian capital in the Ukrainian economy.
Why the investment is important for Ukraine
Foreign direct investment is of strategic importance for Ukraine, as it helps attract private capital at a time when the state budget is largely devoted to financing defense and critical state expenditures.
At the same time, the presence of such investors can reduce risks for other international companies considering the Ukrainian market.
If large international financial institutions are ready to invest in Ukrainian business even during the war, this creates an additional signal for private capital regarding the prospects of the Ukrainian economy.
For its part, Ukrainian business gets the opportunity to raise funds not only for survival, but also for development and preparation for post-war recovery.
Belgium is increasing economic support for Ukraine
BIO investments are only one of the directions of Belgian aid to Ukraine.
Belgium also participates in projects related to supporting infrastructure, energy, digital services and regional regeneration.
In particular, formerly a Belgian distribution system operator Fluvius System Operator transferred to Kyiv region 55 units of special equipment.
In this way, support is gradually moving beyond direct humanitarian aid to include investments, financing of enterprises and restoration of economic infrastructure.
What does this mean for Ukrainian business
BIO's new investment in REBUF is not a one-time financial aid to an individual enterprise. It is about creating a mechanism through which hundreds of millions of dollars could potentially be directed to the Ukrainian private sector.
This is especially important for SMEs, as it is small and medium-sized companies that often have limited access to long-term capital.
If REBUF realizes the planned amount of attraction of $250 million, the fund can become one of the important tools for financing Ukrainian companies during the war and future reconstruction.
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