Reconstruction of Ukraine newsletter - January 2026

The beginning of this year has been exceptionally challenging for Ukraine. Regular attacks on the country’s energy infrastructure have triggered one of the most severe energy crises since the full-scale invasion, leaving thousands of households without heating and electricity in the middle of winter. This context underlines, more than ever, the critical importance of sustained support for Ukraine’s energy system, economy and private sector.

Against this backdrop, we will start with an overview of Ukraine’s macroeconomic performance in 2025, highlighting how the country is maintaining relative stability under wartime conditions.

You will also find coverage of:

the government’s new initiative for digital employment through the “Obrii” system;
fresh energy support programs from the European Union and the European Bank for Reconstruction and Development (EBRD).

Then we will turn to key announcements made during the World Economic Forum in Davos, including the launch of two major investment and infrastructure funds – Amber Dragon Ukraine Infrastructure Fund I and Horizon Capital Catalyst Fund.

Finally, we will look at recent developments in the private sector, such as:

the first investment of the Horizon Capital Catalyst Fund in a wind farm in the Odesa region;
the entry of Estonian fintech into the Ukrainian banking market.

You can view or download the newsletter below.