Poland is set to launch an investment fund for Polish and Ukrainian businesspeople in Ukraine by the end of the year.

The plan was raised by Polish governmental envoy for Polish-Ukrainian development cooperation Jadwiga Emilewicz at a meeting between several businesspeople at the Kyiv office of the Polish Investment and Trade Agency, it has been reported.

According to Emilewicz, the investment fund will help finance Ukrainian and Polish small and medium-sized businesses in the country. It will be launched in collaboration with the Polish Investment Fund, which comprises six government agencies that provide financing, insurance and support for Polish businesses operating domestically or abroad.

In addition, insurance for projects will be covered by the Polish State Export Credit Insurance Agency (KUKE).

“KUKE is the only insurer in the world that covers risks associated with payments for products transported and delivered to customers in Ukraine,” Emilewicz said. “KUKE is currently implementing a first contract in the interests of a company outside of Poland by insuring risks of a German company investing in Ukraine.”

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FDI and private equity are slowly picking up in Ukraine, with investors from abroad seeking security guarantees to invest in the country. While several large companies – such as Bayer or Laude Group – have already announced their investment plans, others, including SMEs, are still weighing the risks of resuming their operations in Ukraine.

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Indeed, a recent GlobalData survey found that the Russia-Ukraine war remains a concern for nearly a quarter of businesses. A question as part of ESG Sentiment Polls Q3 2023 found that 23.4% of 364 respondents across GlobalData’s network of B2B websites believe the conflict is the theme that will continue to impact their businesses the most in the next 12 months.

News about the fund comes ahead of the FIT for Ukraine conference, scheduled to take place on 15 November in the Polish capital of Warsaw. The meeting will host government and business representatives to discuss ways to attract private investment and rebuild Ukraine’s damaged infrastructure following its war with Russia.

Despite this, however, international institutions are getting ready for the return of investment. In September 2023, the United Nations Office for Project Services (UNOPS) opened a subsidiary in Poland under an agreement signed between Poland and the UN. The new UNOPS office will spearhead recovery and reconstruction projects in Ukraine, among other things.

Commenting on the opening of the UNOPS office, Emilewicz noted: “The UNOPS office will work closer to the Ukrainian borders, and this will enable more international funding for construction projects. We are organising training sessions for Polish entrepreneurs to prepare them for UNOPS tenders, and Ukrainian businesspeople will also have this opportunity soon.”