Approach
From public commitment to investable projects.
Public capital reduces selected risks. Private capital creates scale. Industrial partners provide execution. This is how the model fits together.
01How the multiplier works
What determines how far public capital reaches.
A public layer that absorbs selected risks first allows banks and institutional investors to finance projects at greater scale, while keeping commercial investment discipline.
- 01Public layer€100M
Guarantees and first-loss capital absorb selected risks first.
- 02Bank & institutional financing€300–500M
Lenders and institutions can finance what they otherwise could not.
- 03Private & project equity
Additional equity brings greater total investment capacity.
The multiplier depends on
- Project risk
- The risks a project carries, and which of them can be reduced.
- Guarantee coverage
- How much of those risks the public layer absorbs first.
- Financing structure
- How debt and equity are combined for each project.
- Participating institutions
- The public and private financing partners that take part.
02Instruments
How the three instruments work together.
Public support reduces selected risks. Private capital creates scale. Commercial discipline creates sustainability.
01
Guarantee Facility
Absorbs selected risks first, so others can finance.
What it does
- Guarantees and first-loss cover
- Risk-sharing with lenders
- Unlocks third-party financing
Suited for
- Projects where selected risks stand in the way of bank financing
02
Reconstruction Debt
Finances commercially viable projects.
What it does
- Senior and subordinated loans
- Project financing
Suited for
- Commercially viable projects in infrastructure, energy and industry
03
Equity & Development
Initiates development where equity is needed.
What it does
- Direct participation
- Development capital
- Strengthened capital structures
Suited for
- Projects that need an equity partner
- Companies with long-term value
03Investment process
Seven steps, from first opportunity to ongoing monitoring.
Every project passes the same disciplined sequence before capital is committed, and is monitored after.
Step 1: Opportunity identification
Projects are sourced through public institutions, industrial partners and local developers.
Outcome
A qualified pipeline of candidate projects.
Step 2: Strategic assessment
Each opportunity is tested against the programme's priority sectors and resilience goals.
Outcome
A go or no-go on strategic fit.
Step 3: Technical & commercial review
Engineering, market and delivery risks are reviewed with sector specialists.
Outcome
A view on feasibility and execution capability.
Step 4: Financial analysis
Cash flows, capital structure and the right mix of instruments are modelled.
Outcome
A proposed financing structure.
Step 5: Due diligence
Legal, compliance, ownership and procurement checks before any commitment.
Outcome
A documented risk and integrity assessment.
Step 6: Investment Committee
The Investment Committee takes the investment decision on the basis of the preceding review.
Outcome
A reasoned investment decision.
Step 7: Monitoring
Milestone-based oversight, independent reporting and use-of-funds control.
Outcome
Independent reporting on progress and use of funds.
04Ambition
Start focused. Build credibility. Scale.
Ukraine is the starting point. Europe is the platform.
Phase I
Launch
- Where
- Ukraine, the first programme
- What is built
- Investment capability, strategic partnerships and the first portfolio opportunities
- Projects
- The programme's priority sectors
Phase II
Scale
- Where
- Europe and neighbouring regions
- What is built
- Scale with institutional and co-investment partners
- Projects
- Strategic reconstruction, infrastructure and resilience projects
The difference
More than capital
Public risk capacity, private capital, industrial capability, governance and knowledge transfer in one platform.
The first programme05FAQ
Questions about the approach.
How the model, the instruments and the decisions fit together.
They are illustrative. The actual multiplier depends on project risk, guarantee coverage, the financing structure and the participating institutions.
Public support reduces selected risks, private capital creates scale and commercial discipline creates sustainability. For each project, the instruments are combined in the structure that fits it.
Every opportunity passes the same sequence: strategic assessment against the programme's priority sectors, technical and commercial review, financial analysis and due diligence before any decision is taken.
The Investment Committee takes the investment decision, on the basis of the preceding review.
Ukraine is the starting point. The model is designed to scale to strategic reconstruction, infrastructure and resilience projects across Europe and neighbouring regions.