Dragon Capital plans to invest $100M in Ukraine in 2025, citing improved macroeconomic predictability.

Investment company Dragon Capital, which invested about $700M in Ukraine between 2015 and 2021, in addition to reinvestment of several hundred million dollars more, plans to invest $100M in 2025, said company CEO Tomasz Fiala. This will be financed primarily with its own money and the equity capital of co-investors, while a smaller portion (up to 25%) will be borrowed. Of the $700M invested in 2015-2021, the share of debt financing was about $250M, of which 80% has already been repaid, but there was also a significant portion obtained from private Western investors.

“We believe that 2025 is the first year during the war when we have much better macroeconomic predictability. Ukraine has gained full confidence in financing the budget deficit for the entire year 2025 and almost the entire year of 2026,” Fiala noted.

He added that, considering this situation, this year can be expected to follow a fairly stable course and demonstrate economic growth, if the war continues – by 3%, and if it ends – by 5-7%.