Finland-Ukraine Investment Facility (FUIF) concept review 2025 open

Finland is supporting Ukraine in its fight against Russia’s war of aggression in many ways. A new form of development aid has been developed to fund public investments in Ukraine carried out by Finnish businesses: the Finland-Ukraine Investment Facility (FUIF). The Ministry for Foreign Affairs is requesting that Finnish businesses submit concepts for projects to be funded.

The Finland-Ukraine Investment Facility supports public sector investments in Ukraine based on the priorities for Ukraine’s reconstruction and Finland’s national plan for the reconstruction of Ukraine. Investment projects must also support the UN Sustainable Development Goals and must make use of Finnish products, services, expertise and technology.

The FUIF’s goal is to fund about EUR 50 million of investments. Work on this new form of support has reached the stage where the Ministry for Foreign Affairs is requesting that Finnish businesses submit concepts for projects to be funded.

Ukrainian public sector parties include ministries, agencies, municipalities or state-owned companies. The implementation of a project would be based on a sales contract between a Ukrainian public sector party and a business registered in Finland. The target size for projects is EUR 10–20 million. At least one-third of the content of the project must be produced in Finland.

The FUIF’s project funding will be provided in full using export credit granted by Finnvera and a grant element from the Ministry for Foreign Affairs. Ukraine will fund 65 per cent of the total costs of the investment and Finland will fund 35 per cent. The funding provided by Finland will pay the interest on the loan in full and part of the transaction price. Finnvera’s guarantee fee will be included in the loan capital.

Review period open

Concept papers for the Finland-Ukraine Investment Facility can be submitted for review until 26 February 2025. Businesses or other organisations registered in Finland as well as a public sector entities in Ukraine are eligible to submit project concepts to the Ministry for Foreign Affairs in accordance with the instructions provided below. The Ministry for Foreign Affairs and Ukraine's Ministry of Finance will assess the project concepts. An endorsement of a concept paper is a mutual commitment to move forward with the project. A final funding decision for a project requires:

1. a project plan prepared by the Ukrainian public sector party and Finnish business with the support of consultants hired by the Ministry for Foreign Affairs;
2. a positive assessment of the project plan from the Ministry for Foreign Affairs;
3. approval of the project by the Ukrainian administration;
4. a competitive bidding process carried out by the Ukrainian project owner and a signed sales contract;
5. a guarantee decision from Finnvera; and
6. a financing agreement between the bank financing the project and the Ukrainian Ministry of Finance.

The review of concept papers will assess, for example, the need for the project from Ukraine’s perspective, the capability of the Finnish business to implement the project, the suitability of Finnish technology to Ukraine, the capacity of the Ukrainian project owner and the eligibility for financing of the project concept. Concept papers also require a letter of support from the Ukrainian public sector party responsible for the project.

Concept papers, the required letters of support from Ukrainian public sector parties and any other attachments must be submitted no later than on Friday 26 February 2025 to the Ministry for Foreign Affairs at fuif.um(a)gov.fi. A concept paper template is available at the webpage linked below.