The Belgian development finance institution BIO (Belgian Investment Company for Developing Countries) announced a $6 million investment in the Rebuild Ukraine Fund (REBUF)—the first private equity fund established after the outbreak of full-scale war with the aim of investing in real assets in Ukraine. The fund is managed by Dragon Capital.

The agreement was signed on August 18, 2026, in Kyiv by Andriy Nosok, Head of Private Equity at Dragon Capital and Head of REBUF, and Joris Totte, CEO of BIO. The signing was witnessed by Vitaliy Kindrativ, Deputy Minister of Economy and Environment of Ukraine; Maxime Prévot, Deputy Prime Minister and Minister of Foreign Affairs, European Affairs, and Development Cooperation of Belgium; and Luc Jacobs, Ambassador Extraordinary and Plenipotentiary of the Kingdom of Belgium to Ukraine.

REBUF provides capital for the development of Ukrainian companies in sectors critical to Ukraine’s economic resilience and reconstruction. Through this investment, Belgium will help Ukrainian businesses secure the necessary financing to maintain operations, adapt to challenges, and continue to grow.

“The $6 million investment from the Belgian company BIO sends a strong signal to the entire world that, despite the full-scale war, Ukraine remains a promising destination for investment. This funding will help develop areas critical to our economic resilience: SMEs, healthcare and pharmaceuticals, construction materials production, sectors related to agriculture, technology, and retail. We are grateful to the Kingdom of Belgium and BIO for their support of Ukrainian businesses,” said Vitaliy Kindrativ, Deputy Minister of Economy and Environment of Ukraine.

He also added that raising the planned $250 million for REBUF in full will enable Ukrainian enterprises not only to survive today but also to scale up their operations in the coming years.

For reference: The Rebuild Ukraine Fund (REBUF) is the first private equity fund established since the start of the full-scale war with the aim of investing in real assets in Ukraine. The first closing of the fund, which is managed by Dragon Capital, took place in January 2026 with support from the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), Norfund, Swedfund, BIO, and Dragon Capital.

REBUF focuses on small and medium-sized enterprises, as well as larger companies in sectors critical to economic resilience: consumer goods and services, healthcare, pharmaceuticals, financial services, agribusiness-related sectors, construction materials manufacturing, retail, and technology. The fund’s goal is to raise $250 million to channel capital into businesses that support the Ukrainian economy during the war and have the potential for long-term scaling.

BIO is a Belgian development finance institution wholly owned by the Belgian government. Since 2001, BIO has been investing in entrepreneurship in Africa, Latin America, and Asia, supporting businesses, financial institutions, and infrastructure projects that promote sustainable development, economic growth, and the creation of decent jobs. 

BIO Ukraine’s investment support is not limited to REBUF: the organization has also invested €3 million in Bank Lviv to expand access to financing for small and medium-sized businesses and €7 million in NOTUS Energy to strengthen Ukraine’s energy resilience. To further expand its activities, BIO’s Board of Directors recently increased the investment fund specifically earmarked for Ukraine by €4.8 million.

Source: Ministry of Economy and Environment of Ukraine.