Today's Contents
Just The Facts:
- Ukraine to remain 'top priority' in EBRD's new 5-year strategy
- MSC subsidiary buys stakes in Ukrainian logistics operator and cross-border terminal
- World Bank to provide $84 million under HOPE project to restore housing damaged during war in Ukraine
- EBRD provides €60 million unfunded portfolio risk-sharing facility to ProCredit Bank Ukraine to support energy security
Here's What They Think:
- Emerging Europe: Ukraine's economy keeps moving forward despite Russia's invasion
- FPRI: The best Ukraine scenario for the US is that Russia gets nothing
Sober Second Thought:
- Organized crime set to surge after Ukraine war, potentially endangering reconstruction efforts, GI-TOC risk assessment says
The Rebuilder's Social:
- Housing demand totals $548.9 billion when including pre-war deficit, Metinvest contributes 500 tonnes of rebar for new Mykolaiv water pipeline, and hundreds of companies celebrate Vyshyvanka Day.
Ukraine to remain 'top priority' in EBRD's new 5-year strategy
The European Bank for Reconstruction and Development (EBRD) said its board of governors has approved the bank's Strategic and Capital Framework (SCF) for 2026-2030. At its core is continued exceptional support for Ukraine during the war and reconstruction phase.
The strategy framework outlines the EBRD's commitment to its countries, clients, and partners through increased private sector investment and policy reform, according to a press release from the bank.
"The bank enters the next SCF period from a position of strength. This enables us to be even more ambitious for the impact and delivery we strive to achieve, not least in supporting Ukraine, which will continue to be our top priority," said EBRD President Odile Renaud-Basso.
At the end of 2023, EBRD Governors approved a €4 billion paid-in capital increase to boost long-term investment in Ukraine and advance the EBRD's priorities across all regions.
Since Russia's full-scale invasion in 2022, the lender has committed over €7 billion to Ukraine, according to the release. The new capital will have a multiplier effect, expanding the EBRD's investment capacity even further.
MSC subsidiary buys stakes in Ukrainian logistics operator and cross-border terminal
The Swiss subsidiary of the world's second-largest container shipping company, MSC, Medlog, has bought stakes in Ukrainian logistics assets, according to reports from Forbes Ukraine. The transaction marks the first deal of its kind with a global logistics company since the full-scale Russian invasion.
Medlog bought a 50% stake in Ukrainian intermodal logistics operator N'UNIT and a 25% in the Mostyska cross-border terminal, Forbes Ukraine reported.
Founded by Yegor Grebennikov in mid-2020, Ukrainian logistics network N'UNIT operates four rail and road terminals in Vyshneve, near Kyiv, as well as in Kharkiv, Dnipro, and the Lviv region, according to the report. It also has pallet and grain warehouses in Kharkiv. In 2024, the company’s revenue more than doubled, reaching UAH 2 billion.
Construction of the Mostyska Dry Port (TIR) began in 2021, led by Lemtrans and a partner as part of the Mostyska Container Terminal project. Located on the site of a former oil depot near the Mostyska-2 railway station, just a few kilometers from the Polish border, the terminal features dual-gauge tracks (1520 mm and 1435 mm), enabling seamless cross-border cargo handling.
According to Forbes Ukraine, Medlog's acquired assets are valued between $15 million–$30 million.
Negotiations took roughly a year, Grebennikov told Forbes Ukraine.
Following the deal, Grebennikov's stake in N'UNIT decreased to 50%, and to 25% in the Mostyska terminal. The remaining 50% of the Mostyska terminal is owned by Ukrainian private operator of railway rolling stock Lemtrans.
World Bank to provide $84 million under HOPE project to restore housing damaged during war in Ukraine
The World Bank will provide $84 million to Ukraine under the "Housing Repair for People's Empowerment" (HOPE) project to help restore housing damaged in the war, under the eRestoration program.
This additional funding is expected to help over 25,000 households repair their homes, Ukraine's ministry of finance said in a press release.
The financing comes from the IDA SPUR – the Special Program for Ukraine's and Moldova's Recovery – through the International Development Association's Crisis Response Window.
The HOPE project addresses urgent repairs for partially damaged single-family and multi-apartment buildings in Ukrainian government-controlled areas affected by Russian aggression.
The World Bank announced $232 million in financing in August 2023 to help homeowners in Ukraine repair shattered windows, damaged roofs and other non-structural damage from the ongoing war.
Since the HOPE project began, over 87,000 households have received compensation for damaged property, according to the release.
EBRD provides €60 million unfunded portfolio risk-sharing facility to ProCredit Bank Ukraine to support energy security
The European Bank for Reconstruction and Development (EBRD) is providing a new unfunded portfolio risk-sharing facility to ProCredit Bank Ukraine to unlock €60 million in financing to support energy security for Ukrainian businesses and households.
ProCredit Bank Ukraine will use the financing to provide subloans to private businesses and households that will help channel urgently needed investments into energy generation, storage capacity and energy-efficiency enhancements, according to a press release from the EBRD.
At least 70% of the subloans will go to projects that align with the EBRD's Green Economy Transition (GET) approach, the release said.
Up to 20% of EBRD-guaranteed subloans will finance long-term investments by MSMEs to upgrade technology and equipment to EU standards under the EU4Business-EBRD Credit Line. Households and housing associations will receive up to 8% of total funds, with grants from the Netherlands covering 10–30% of their investment costs via the EBRD's Crisis Response Special Fund.
Higher incentives will target businesses and households hit hardest by the war, including those facing asset loss, relocation, or supporting the reintegration of veterans, people with disabilities, IDPs, and those in heavily affected areas, according to the release.
The facility will be backed by first-loss risk cover from France and the EU under its Ukraine Investment Framework. It is the sixth time the EBRD has provided a portfolio risk-sharing facility to the Ukrainian bank since the start of the full scale war in 2022.
Emerging Europe: Ukraine's economy keeps moving forward despite Russia's invasion
Ukraine's economy is proving remarkably resilient, showing strength beyond just international aid - strong institutions, determined reform efforts, and a wave of entrepreneurial energy are helping the country push forward, Craig Turp-Balazs, editor of Emerging Europe, wrote in an op-ed.
Still, major risks lie ahead, Turp-Balazs warned. The war could worsen, support from Western partners might fade, and millions of Ukrainians who fled the country may never return, deepening demographic challenges. But for now, Ukraine's economy continues to grow and adapt, defying expectations and offering a new model for surviving, and even progressing, during wartime, the author concluded.
FPRI: The best Ukraine scenario for the US is that Russia gets nothing
The best outcome of the war in Ukraine for American national security is one where Russia gains nothing from invading Ukraine - for this, Ukraine needs strong military support, and Russia should continue to face serious economic consequences for its aggression, Philip Wasielewski, director of the Foreign Policy Research Institute's (FPRI) Center for the Study of Intelligence and Nontraditional Warfare, wrote in an op-ed.
This approach could weaken Russia's authoritarian regime and send a clear warning to countries like China about the costs of similar actions. While Europe can help Ukraine stay afloat, only the US has the capacity to give Ukraine what it needs to win, according to Wasielewski.
Organized crime set to surge after Ukraine war, potentially endangering reconstruction efforts, GI-TOC risk assessment says
The end of fighting in Ukraine is expected to trigger a sharp rise in organized crime, with billions in reconstruction funds risk being absorbed into criminal networks across Ukraine, Russia, and beyond, according to a risk assessment report published by the Global Initiative against Transnational Organized Crime.
Since Russia's full-scale invasion began in early 2022, Ukraine has received over €326 billion from donor countries and EU institutions by the end of 2024. As the country braces for the massive task of post-war reconstruction - now estimated to cost at least $524 billion - international donors are expected to remain crucial. However, serious concerns persist about the potential for corruption and illicit financial flows to undermine rebuilding efforts, the report noted.
Despite progress in anti-corruption reforms, corruption remains deeply embedded. In regions like Odesa, locals see reconstruction as the next major opportunity for illicit enrichment. Early cases of misused reconstruction budgets suggest that large-scale embezzlement may soon follow as contracts are awarded, GI-TOC said.
Criminals see 'high-risk, high-return' environment in Ukraine
The risks extend beyond the public sector. A diverse pool of donors with varying political aims complicates transparency and could open the door to manipulation, as per the report. Meanwhile, criminal actors are already eyeing Ukraine as a 'high-risk, high-return' environment, particularly in sectors like construction and real estate. Experts warn of the influx of illicit funds disguised as legitimate investments, which could entrench criminal interests in key industries.
The mineral sector is emerging as a particularly vulnerable hotspot, as per the report. The recently announced US-Ukraine minerals deal highlights the stakes. Ukraine's mineral wealth, especially rare earths, is both vast and strategically important - yet many deposits are near conflict zones or in occupied territories. With existing evidence of illegal mining and widespread ownership fragmentation, inflated contracts and corruption are likely to flourish.
The privatization of state assets, some nationalized during the war, may fuel the rise of a new oligarchic class. As Ukraine moves toward peace and elections, questions loom over whether wartime centralization will be rolled back. The outcome could determine whether entrenched elites regain influence or a new economic order takes hold.
Petty corruption
At the local level, the influx of reconstruction money could also trigger a rise in petty corruption and organized crime. In some areas, extortion and forced labor have already been reported. One case from March 2025 involved a fake rehabilitation center using homeless individuals for unpaid construction labor, reportedly earning its operators $100,000 per month.
Russian-occupied regions like Mariupol have seen a different kind of reconstruction - what some call 'economic occupation'. Russian companies, tightly linked to the Kremlin and military, have secured most rebuilding contracts, often expropriating Ukrainian homes and businesses in the process. This model is likely to persist, reinforcing Moscow's control through economic means.
Finally, any future reintegration of Russia into global financial systems - along with the unfreezing of Russian assets - poses further risks. While sanctions lifting could close some avenues for criminal profiteering, Russia's war-time 'shadow economy's is likely to endure. These networks could provide Moscow with off-the-books income streams that reinforce internal patronage systems while skirting international scrutiny, according to the report.
The report recommends international coordination on arms tracking, veteran reintegration, and anti-corruption efforts. Without long-term planning and political will, organized crime is likely to gain strength across Ukraine, Russia, and Europe, GI-TOC said.
Social Media Posts
Housing demand totals $548.9 billion
Ievgen Metsger, CEO of state mortgage institution Ukrainian Financial Housing Company, said demand for housing today equals $548.9 billion to compensate for the loss of housing due to the war and to cover the pre-war housing deficit.
"450 million m² — this is the pre-war deficit caused by the aging housing stock and limited access to housing for young families and vulnerable social groups," he said. "150 million m² — this is the housing that has been destroyed or damaged as a result of the war, according to the World Bank (RDNA)."
New water pipeline for Mykolaiv
Natalya Yemchenko, chief corporate affairs officer at Ukrainian industrial group SCM, said that group company Metinvest is delivering up to 500 tonnes of steel rebar for the construction, led by Ukrainian infrastructure builder Autostrada, of a new water pipeline in the Mykolaiv region.
"Once completed, the pipeline will span 67.8 km and deliver up to 120,000 cubic meters of water per day — significantly improving water access for the region. Construction is moving at an unprecedented pace. More than 1,000 specialists and hundreds of units of machinery are working around the clock to meet the ambitious five-month timeline."
Vyshyvanka Day
The Canada Ukraine Chamber of Commerce joined Integrites, BDO in Ukraine, Egis in Ukraine, Forvis Mazars in Ukraine, the American University in Kyiv and hundreds of other companies and organizations yesterday in posting images honoring the traditional vyshyvanka garment on the official Vyshyvanka Day.
"Wearing a vyshyvanka is a statement of pride and a celebration of Ukrainian roots. In today’s world, it has also become a symbol of solidarity with Ukraine – a quiet yet powerful reminder of a nation’s enduring spirit," said the Canada Ukraine Chamber of Commerce.
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