A group of international development lenders and state-backed investors have participated in the first closing of the Amber Dragon Ukraine Infrastructure Fund I, a 200mn euro fund targeting energy and infrastructure projects in Ukraine, its managers announced on January 21.

The European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the International Finance Corporation (IFC) from the World Bank Group, Sweden’s Swedfund and Impact Fund Denmark took part in the initial close of the fund, which has a target size of 350mn euros. The signing of the relevant documents took place at Ukraine House in Davos on the sidelines of the World Economic Forum, according to an Interfax-Ukraine correspondent.

Dragon Capital founder and CEO Tomas Fiala said the firm has already been investing over the past year and has three projects in its portfolio, including an energy project, a terminal and a technology park. He added that Dragon Capital is committing €20mn of its own capital to the new fund.

An EIB representative said the bank is investing €50mn and noted it currently has around 500 projects across 149 municipalities in Ukraine, describing the fund as a promising potential partner. Swedfund said its contribution amounted to €20mn, while the EBRD and IFC have previously announced commitments of €60mn and €40mn, respectively.

The fund, managed jointly by Dragon Capital and Amber Fund Management Limited, will focus primarily on energy, transport and digital infrastructure, sectors hit hard by the war. Its first project, a distributed energy scheme in western Ukraine, involves the installation of gas piston units and energy storage systems, supported by an EBRD loan.

Dragon Capital, founded in Kyiv in 2000, said it plans to step up investments in 2026 as reconstruction needs grow.