For the first time since independence, Ukraine offers foreign investors EU-level predictability with frontier-market returns—a combination rarely seen in global markets. Through Law 1116-IX and aligned reforms, tax incentives Ukraine foreign investors can access enable ROI tax exemptions Ukraine structures that boost internal returns by 12-20%, while securing regulatory predictability through 2035. This transformation is anchored in EU tax alignment Ukraine has accelerated since 2023, positioning the country as a strategic convergence of emerging-market economics with European institutional frameworks.
Graph 1: Forecast of FDI Inflows in Ukraine (2025-2030) with Sectoral Breakdown and Scenario Projections
Graph 2: Comparative ROI Enhancement from Tax Incentives: Ukraine vs. Selected EU Countries (2025 Projections)
Strategic Context: Ukraine's Fiscal Policy Transformation
The landscape for tax incentives for foreign investors in Ukraine has fundamentally shifted since the country intensified its EU accession trajectory. What distinguishes Ukraine's current approach is the deliberate integration of fiscal policy with broader European standards, moving beyond traditional emerging-market incentive schemes toward a compliance-driven competitive advantage that institutional investors increasingly recognize and value.
Ukraine's BEPS Implementation Roadmap, signed in July 2023 with the OECD Centre for Tax Policy and Administration, demonstrates this evolution with unusual clarity. Since joining the OECD Inclusive Framework on Base Erosion and Profit Shifting in 2017, Ukraine has systematically aligned its tax architecture with international standards that sophisticated investors already navigate in their home jurisdictions. The framework now requires transfer pricing documentation mirroring OECD standards, permanent establishment definitions aligned with treaty practice, and controlled foreign company regulations that eliminate aggressive tax planning while providing predictable treatment for legitimate structures. For multinational corporations evaluating Ukraine investment tax benefits, this alignment means existing compliance infrastructure applies without creating parallel systems or heightened audit risk from unfamiliar rules applied by inexperienced administrators.
The €50 billion Ukraine Facility fundamentally changes the investment equation beyond what traditional fiscal incentives could achieve alone. This instrument, operational since March 2024, provides €38 billion in grants and loans conditioned on measurable reform implementation, plus €9.3 billion in investment guarantees specifically engineered to de-risk private capital deployment.
In practical terms, this creates a dual benefit structure. For foreign investors evaluating operational reality versus policy promises, the quarterly disbursement mechanism ties funding to verified progress on public administration reforms, asset management improvements, and sectoral modernization targets. When the Council approved the fourth €3.2 billion payment in August 2025 based on documented achievements, it validated that Ukraine's reform trajectory operates under external discipline rather than domestic political discretion.
The Ukraine Investment Framework embedded within this facility operates through three mechanisms that directly affect project economics. Direct guarantees totaling €7.8 billion cover sovereign, sub-sovereign, and commercial risks that traditionally inflated required returns for emerging market investments. Blended finance grants of €1.5 billion reduce initial equity requirements, particularly relevant for capital-intensive infrastructure where upfront costs determine project viability. Technical assistance through dedicated project preparation facilities addresses the capability gap that often delays implementation even when financing is secured. As of August 2025, €5.7 billion in guarantee agreements have been signed, mobilizing over €10 billion in actual investments flowing into energy infrastructure requiring €68 billion for reconstruction, transport networks, and industrial modernization.
Tax Incentives Framework: Law 1116-IX Explained
The cornerstone of tax incentives Ukraine foreign investors can access is Law 1116-IX "On State Support for Investment Projects with Significant Investments," which entered force in February 2021 after years of stakeholder consultation. Unlike traditional investment incentive regimes that function as temporary holidays subject to political reversal, this framework operates as a contractual risk-mitigation instrument with legal enforceability that addresses the primary concern sophisticated investors raise about emerging markets: policy stability over investment horizons extending beyond electoral cycles.
The mechanism centers on a Special Investment Agreement—a direct contract between the investor's Ukrainian entity, the Cabinet of Ministers, and relevant municipal authorities. This structure provides several strategic advantages for project financing and operational planning that matter more than the headline tax savings. The agreement runs for fifteen years with explicit compensation provisions if the state fails to maintain agreed conditions, functioning as a stabilization clause that locks regulatory treatment even if subsequent legislation changes general tax policy. For manufacturing or infrastructure projects with ten to fifteen year payback periods, this predictability converts into quantifiable risk premium reductions that project finance teams can model directly into weighted average cost of capital calculations.
Understanding how to apply for tax incentives in Ukraine begins with the eligibility framework, which requires minimum investment of €12 million, creation of at least 80 new jobs, and five-year implementation period across twelve designated sectors including manufacturing, logistics, waste management, and scientific R&D. The sectoral restrictions reflect strategic economic priorities rather than arbitrary limitations. The framework deliberately excludes extraction of coal, crude oil, and natural gas, focusing incentives on value-added activities that build industrial capability rather than resource depletion. This alignment with European industrial policy creates coherence between Ukrainian fiscal incentives and EU funding priorities under the Ukraine Investment Framework.
The state support ceiling reaches 30% of total project investment, delivered through four primary channels that operate synergistically rather than as isolated benefits. Corporate Income Tax exemption runs three to five years from the first profitable year, addressing cash flow constraints during the critical ramp-up phase when operational losses typically accumulate. Import duty and VAT exemptions on equipment and machinery reduce upfront capital requirements, particularly impactful for specialized production technology unavailable domestically. Land tax reductions or full exemptions coordinated with local authorities lower fixed operating costs during the pre-revenue period. Infrastructure compensation for connecting to utilities and transport networks eliminates a significant barrier that often delays or derails projects entirely in emerging markets with underdeveloped supporting infrastructure.
For investors, the implication is twofold. The practical arithmetic for a manufacturing facility investing €20 million illustrates the compound effect. The Ukraine land tax and VAT exemptions for investors enable structuring approximately €6 million in total state support through the following pathways. CIT exemption over five years conservatively saves €1.5 million assuming reasonable profitability projections. Import duty and VAT relief on specialized equipment reaching €2.5 million reflects the reality that advanced manufacturing requires imported precision machinery. Infrastructure connection costs compensated at €1 million address the expense of utility hookups that create negative cash flow before operations commence. Preferential land use arrangements worth €1 million reduce holding costs during construction. This €6 million in aggregate support—exactly 30% of investment—translates to reduced required equity, improved debt service coverage ratios, and enhanced project IRR by 15-20 percentage points compared to unsubsidized structures.
Beyond the arithmetic, what sophisticated investors value most is the contractual stability embedded in Special Investment Agreements. The fifteen-year term with explicit loss compensation provisions if the state fails to maintain agreed conditions functions as political risk insurance. When project finance teams model Ukraine corporate income tax holiday for foreign investors into their deal structures, they assign probability weightings to policy reversal scenarios. The contractual framework significantly reduces this probability, particularly when agreements involve municipal authorities whose cooperation is legally bound. According to UkraineInvest's implementation data, the first agreements signed in 2024 attracted €95 million with state support reaching €28.5 million. The office supported application preparation for projects totaling over €290 million within six months, indicating institutional capacity for efficient processing has reached operational maturity.
Sector Focus: Where Incentives Create Real Value
Tax incentives for foreign investors in Ukraine generate asymmetric returns in three specific sectors where European integration dynamics amplify fiscal benefits beyond what the headline tax savings alone would suggest. These sectors represent not just attractive standalone investments but strategic positions in value chains that Ukraine's EU accession will fundamentally restructure over the 2025-2030 period.
Ukraine's energy sector transformation represents perhaps the most compelling intersection where foreign investment incentives Ukraine manufacturing and energy sectors converge with European strategic priorities. The country requires $20 billion in renewable energy investment by 2030 to reach 27% renewable electricity generation, replacing thermal capacity destroyed by Russian attacks while simultaneously advancing EU Green Deal alignment. This is not theoretical capital—it represents concrete project pipelines where first movers will establish market position before competition intensifies.
The Ukraine Renewable Risk Mitigation Mechanism announced at the July 2025 Recovery Conference demonstrates how Ukraine investment tax benefits 2025 initiatives create compounding advantages through financial engineering. The EBRD-managed facility, backed by €180 million from the Ukraine Investment Framework plus contributions from Germany, Netherlands, Norway, Sweden and Switzerland, stabilizes revenue for renewable developers through auction-based support schemes that address the primary concern that deterred investment after the 2019-2021 payment crisis: tariff reliability. This mechanism expects to mobilize €1.5 billion for 1 GW of new capacity through revenue stabilization that converts variable cash flows into bankable projections.
When combined with tax incentives under Law 1116-IX, a €25 million solar or wind project can structure multiple layers of value creation. Revenue stabilization through URMM reduces cash flow volatility that traditionally inflates required returns by 300-400 basis points in emerging market power projects. Five-year CIT exemption worth approximately €2 million addresses the critical early years when debt service consumes cash flow. VAT exemption on imported equipment reaching €3.5 million for specialized turbines or solar panels reduces upfront equity requirements. Accelerated grid connection through infrastructure support eliminates the eighteen to twenty-four month delays that plagued earlier projects. The compound effect improves project IRR by 15-20 percentage points, moving ventures from marginal to commercially attractive without reverting to the feed-in tariff dependency that created fiscal stress in the previous generation of renewable development.
Advanced manufacturing represents the second sector where Ukraine investment tax benefits align with structural European trends. Ukraine's industrial park regime, governed by separate legislation but compatible with Law 1116-IX, offers ten-year CIT exemption for park participants—double the standard incentive period. As of 2025, approximately 100 registered parks provide pre-zoned infrastructure with streamlined permitting that eliminates the bureaucratic friction typical of greenfield industrial development in post-Soviet institutional environments.
What this means on the ground: a €30 million precision components manufacturing facility serving EU automotive or aerospace customers can structure investment across three distinct phases. Years zero through two constitute capital deployment—importing equipment VAT-free, constructing facilities in an industrial park with pre-approved utilities, hiring and training workforce. Years three through seven represent production ramp with ten-year CIT exemption generating approximately €4.5 million in tax savings during the critical cash-flow-negative expansion phase. Years eight through twelve transition to mature operations paying standard 18% CIT but with established market presence, optimized production costs, and customer relationships that command pricing power. The 2025 Investment Climate Statement notes the State Budget allocated UAH 1 billion specifically for industrial park and significant investment incentives, signaling sustained governmental commitment beyond electoral cycles.
More strategically, Ukraine's Deep and Comprehensive Free Trade Area integration with the EU provides tariff-free access to 450 million consumers, converting manufacturing investments into export platforms rather than purely domestic market plays serving a $200 billion economy. The June 2025 agreement in principle on DCFTA review expands tariff-rate quotas and aligns production standards, accelerating single market integration ahead of formal accession. For manufacturers evaluating where to position capacity serving European customers, Ukraine offers compelling arbitrage: EU-equivalent regulatory environment, labor costs 40-60% below Poland or Romania, and fiscal incentives that subsidize 25-30% of capital deployment.
Logistics and transport infrastructure represent the third sector where Ukraine's geographical position—bordering four EU member states with Black Sea access—creates natural value that tax incentives amplify. The UkraineInvest application process for transport and warehousing projects receives particular attention given the country's strategic role in EU supply chain diversification away from overreliance on distant Asian sourcing. The EU-Ukraine Solidarity Lanes, receiving almost €600 million in new EIB financing in July 2025, demonstrate how infrastructure investments align with European strategic priorities that will generate sustained cargo volumes beyond normal market dynamics.
For logistics operators, this translates into multiple value creation mechanisms beyond headline tax savings. Predictable cargo flows supported by EU trade liberalization and reconstruction material imports provide base-load volumes that justify capacity investment. Co-investment opportunities with EIB and EBRD on terminal upgrades share infrastructure risk while providing credibility for commercial lenders. Tax exemptions on warehousing and distribution center development reduce effective capital requirements. Infrastructure connection cost compensation eliminates the utility hookup expenses that can reach 15-20% of total project cost in regions lacking established industrial infrastructure. A €15 million multimodal logistics terminal project near the Polish border accessing CIT exemption, land tax reduction, and infrastructure compensation can reduce effective capital requirements by 25-30%, fundamentally altering project returns and risk profile.
EU Alignment and Investor Confidence
The operational significance of EU tax alignment Ukraine has achieved extends beyond compliance checkbox exercises into tangible risk mitigation that affects actual project outcomes. Three specific developments matter for investment decision-making in ways that legal and tax advisors can translate into quantifiable risk premium adjustments.
Ukraine's participation in the BEPS Multilateral Convention, including June 2025 updates to covered tax agreements, provides treaty-level protection against arbitrary changes that historically plagued post-Soviet tax administration. The country maintains over 70 double taxation treaties with reduced withholding rates typically ranging from 5-10% on dividends, interest, and royalties, ensuring efficient capital repatriation without the confiscatory exit taxation that creates stranded value in some emerging markets. More substantively, transfer pricing documentation requirements now mirror OECD standards with Master File obligations for groups exceeding €50 million consolidated revenue, Country-by-Country Reporting above €750 million, and controlled transaction reports using arm's-length principles.
For most institutional investors, these changes translate into a predictable compliance environment where cross-border taxation follows familiar EU logic, reducing the need for local adaptation. Subsidiaries of multinational corporations can apply existing compliance infrastructure in Ukraine without creating parallel systems requiring dedicated personnel or heightened audit risk from unfamiliar rules applied by inexperienced administrators.
The Ukraine Plan implementation mechanism, conditioning quarterly disbursements on measurable reform targets, creates external accountability that functions as institutional discipline beyond what domestic political competition alone provides. This matters practically for understanding whether tax benefits granted under contractual agreements will actually be honored over fifteen-year time horizons. When the Council approved the fourth €3.2 billion payment in August 2025 based on documented progress in public administration reforms, asset management improvements, and regional policy implementation, it validated that Ukraine's governance trajectory operates under EU monitoring rather than purely domestic discretion. For investors evaluating ROI tax exemptions Ukraine offers, this external oversight reduces the probability that future governments will retroactively modify agreements or create administrative barriers that nullify contractual benefits.
Ukraine's EU accession process, while requiring years of institutional convergence, establishes a directional commitment that creates investable asymmetry. The April 2025 Priority Action Plan for enhanced DCFTA implementation accelerates single market integration in specific domains including mobile roaming, payments infrastructure, and conformity assessment agreements allowing free circulation for industrial goods. For manufacturing investors particularly, this trajectory is economically significant beyond the symbolic accession milestone. Establishing operations now under current tax incentives, scaling production through 2025-2030 as market access deepens, and reaching full single market integration when accession concludes creates a value creation sequence where early entrants lock preferential tax treatment through 2035 while capturing market position ahead of competition that enters after barriers fully dissolve.
Compliance and Execution: From Approval to ROI
Understanding how to apply for tax incentives in Ukraine requires navigating both the formal UkraineInvest application process and the practical implementation realities that determine actual benefit realization. The gap between legal entitlement and operational delivery separates theoretical return models from actual project outcomes.
UkraineInvest functions as the investment concierge, designated by Cabinet decree as the primary contact point with mandate to guide investors through bureaucratic complexity that would otherwise consume months of management attention. The process operates in five sequential stages with defined timelines that sophisticated investors should incorporate into project scheduling. Pre-application consultation lasting four to eight weeks involves UkraineInvest reviewing project concepts, confirming sectoral eligibility, and providing indicative benefit calculations that inform go-forward decisions. Formal application submission requiring two to three weeks demands detailed business plans, financial models with sensitivity analysis, and feasibility studies meeting European Bank standards that demonstrate commercial viability beyond subsidy dependency.
Government assessment consuming eight to twelve weeks involves the Ministry of Economy evaluating economic impact projections, job creation sustainability, and financial capacity to execute plans. This review is not perfunctory—projects must demonstrate genuine value creation rather than subsidy arbitrage. Special Investment Agreement negotiation spanning six to ten weeks finalizes terms between the investor entity, Cabinet of Ministers, and municipal authorities whose cooperation is legally binding. Implementation and monitoring continues throughout the fifteen-year agreement term with quarterly reporting on investment progress, employment levels, and benefit utilization that ensures compliance with contractual obligations.
The UkraineInvest FAQ guidance clarifies critical timing that affects capital deployment scheduling. Investors may make up to 30% of required investment as much as eighteen months before formal application submission, allowing for site acquisition and preliminary development while documentation proceeds. This flexibility addresses the operational reality that securing suitable industrial land and initiating permitting cannot wait for bureaucratic approval without losing competitive timing advantages.
Transaction structuring for Ukraine investment tax benefits requires specific legal architecture that tax and corporate counsel must design before operational commitments. The Ukrainian operating company must be established specifically for the project—existing entities cannot retroactively qualify, preventing subsidy gaming by established businesses repackaging routine expansion as incentive-eligible investment. Foreign investors typically use Dutch or Cypriot holding structures to optimize treaty benefits given extensive double taxation networks, though BEPS anti-avoidance rules now require operational substance beyond brass-plate arrangements. This means holding companies need real decision-making, adequate personnel, and genuine risk assumption rather than purely tax-motivated structures vulnerable to challenge.
Documentation requirements extend beyond standard due diligence into verification systems that withstand audit scrutiny. Financial capacity verification demonstrates ability to fund commitments without guaranteed state support. Technical feasibility studies meeting European Bank standards prove commercial viability under conservative scenarios. Employment plans detail wage levels, skills requirements, and hiring timelines that demonstrate job creation targets reflect genuine labor demand rather than subsidy-maximizing projections. Local legal support proves essential despite UkraineInvest coordination—municipality negotiations, land use agreements, and utility connection arrangements require Ukrainian counsel understanding regional administrative practice and personal relationships with officials whose cooperation determines implementation speed.
In practical execution terms, the difference between projected and realized benefits often comes down to operational discipline. The partnership between EIB and Ukraine's State Audit Service formalized in July 2025 specifically targets fraud prevention in EU-financed projects, with oversight extending to Law 1116-IX implementations given fiscal impact. Projects should implement separate accounting systems tracking project expenditures distinct from other operations. Employment verification systems must document wages averaging 15% above regional baselines as agreements require. Capital expenditure documentation needs equipment import certifications proving compliance with eligibility rules. Timeline compliance monitoring ensures five-year implementation schedules are met, avoiding default provisions that could trigger repayment obligations.
The arithmetic reality merits emphasis: ROI tax exemptions Ukraine provides require actual profit generation. CIT exemption only matters when there is taxable income to exempt. Projects must model conservative ramp-up scenarios ensuring year three through five profitability coincides with maximum exemption periods, or the headline benefit becomes meaningless for projects remaining in operational losses throughout the exemption window.
Outlook 2025-2030: From Incentives to Growth
The next five years represent a unique temporal window where tax incentives for foreign investors in Ukraine coincide with structural transformation creating compounding value beyond what fiscal benefits alone could generate. Understanding this convergence separates investment theses that capture strategic positioning from those focused narrowly on tax arbitrage.
Three scenario frameworks help investors model probability-weighted returns across outcomes that external events will determine. The base case, assigned 60% probability by institutional investors actively evaluating Ukrainian exposure, assumes Ukraine maintains reform trajectory with EU accession negotiations advancing through screening chapters, reconstruction capital deployment driving 4-6% annual GDP growth, and tax incentives continuing through 2030 before gradually transitioning toward broader competitiveness improvements. Under this scenario, early entrants signing Special Investment Agreements in 2025-2026 realize 18-22% project IRRs through combination of fiscal benefits worth 4-5 percentage points, market position advantages capturing reconstruction demand worth 6-8 percentage points, and asset appreciation reflecting economic normalization worth 8-9 percentage points.
The optimistic scenario, carrying 25% probability weighting, envisions rapid EU integration with successful peace settlement releasing the estimated $486 billion reconstruction capital pool, Ukraine emerging as Central European manufacturing hub exploiting labor cost arbitrage while maintaining European quality standards, and tax incentives becoming relatively less important as market growth and single market access drive returns independently of fiscal engineering. Projects entering under this scenario could achieve 25-30% IRRs as early market position converts into pricing power and capacity constraints when demand surges faster than supply response.
The downside scenario, weighted at 15% probability by investors with Ukraine exposure, contemplates prolonged conflict, reform stagnation, deteriorating investor confidence, and possible reversal of European integration momentum. However, even under stress scenarios, the contractual nature of Special Investment Agreements provides downside protection that traditional emerging market investments lack. Legal recourse through international arbitration clauses, explicit compensation provisions for state failures to maintain agreed conditions, and treaty-level protection through BITs limit total loss potential. Projects structured with appropriate risk mitigation—shorter payback periods, export-oriented revenue streams, and phased capital deployment conditional on milestone achievement—can achieve positive returns even under challenging scenarios.
Comparing Ukraine FDI incentives vs EU countries reveals distinct competitive positioning rather than absolute superiority across all dimensions. Poland's Special Economic Zones offer CIT exemptions reaching 70% of investment for projects exceeding €100 million, but require navigating fourteen separate zone authorities with inconsistent application procedures. Hungary provides payroll tax refunds reaching 25% of investment combined with 9% CIT rate, but recent EU concerns about democratic backsliding create reputational risks for multinational corporations facing stakeholder scrutiny. Romania offers 16% CIT rate with various sector-specific exemptions, but infrastructure deficits increase logistics costs that erode operational savings. Czech Republic maintains 19% CIT without special incentives, relying instead on institutional stability and skilled workforce that command wage premiums.
Ukraine's competitive advantage lies not in offering the most generous individual incentives but rather in the strategic convergence of multiple factors that compound rather than substitute. Geographic positioning provides 1,000 kilometer border with four EU members, Black Sea port access, and pipeline infrastructure enabling rapid market reach. Cost structure delivers labor expenses 40-60% below EU averages while maintaining comparable productivity in technical sectors and engineering education legacy from Soviet industrial heritage. Resource endowment supplies critical minerals, agricultural capacity, and natural gas transit infrastructure creating optionality across multiple value chains. Market arbitrage potential enables accessing EU markets through DCFTA while operating under emerging market cost basis that won't persist after full accession.
For investors with ten to fifteen year time horizons, the investment thesis combines near-term tax savings worth €2-4 million on a €20 million project, medium-term market positioning capturing reconstruction demand estimated at €150-200 billion over the decade, and long-term integration benefits as Ukraine's $200 billion economy merges with the EU's €17 trillion single market. This layered value creation—fiscal engineering during 2025-2028, market capture during 2028-2032, and structural appreciation during 2032-2035—requires patience and execution capability but offers return profiles unavailable in mature European markets or most emerging economies lacking Ukraine's specific European integration trajectory.
Tax incentives deliver maximum value when integrated into comprehensive operational strategies rather than pursued as standalone financial engineering. Manufacturing platforms established under current incentives can scale production as market access deepens, eventually serving the broader European market from a cost-advantaged base with locked-in fiscal benefits. Reconstruction participation projects aligned with Ukraine's recovery priorities access both tax incentives and the €9.3 billion Ukraine Investment Framework guarantees, requiring sophisticated risk management frameworks but capturing first-mover advantages in undersupplied markets. Digital economy positioning leveraging Ukraine's technology sector supported by the Diia City regime can combine IT-specific incentives with general Law 1116-IX provisions for R&D activities, building intellectual property portfolios with European IP protection standards. Operational efficiency frameworks emphasizing ESG compliance and digital transformation align with both Ukrainian accession requirements and European customer expectations, future-proofing operations against regulatory evolution.
Strategic Inflection Point
Tax incentives for foreign investors in Ukraine in 2025 represent far more than a fiscal mechanism — they embody a structural realignment of the country within the European economic and regulatory space. The combination of a five-year corporate income tax holiday, import duty exemptions, infrastructure compensation, and legally enforceable stability clauses reduces effective capital costs by 25–30%, transforming Ukraine’s perceived frontier risk into a calculable opportunity aligned with EU standards through 2035.
What sets this framework apart is not only the scale of incentives but their timing. The convergence of Law 1116-IX benefits with the €50 billion EU-backed Ukraine Facility and accelerated single market integration creates a once-in-a-generation alignment of policy, capital, and institutional oversight. This alignment bridges fiscal support and structural reform — an environment where disciplined investors can translate short-term tax relief into long-term market leadership.
Investors who commit during 2025–2026 stand to secure advantages that will outlast the incentive period itself. Projects launched now under Special Investment Agreements can lock regulatory protection until 2040, capture market share before competition intensifies, and position themselves at the core of Europe’s next industrial and energy transformation. As Ukraine’s economy normalizes within EU frameworks, those early entrants will transition from beneficiaries of incentives to architects of a new European growth frontier.
Ukraine’s fiscal transformation is not merely about recovery; it is about redefining where Europe’s economic gravity lies. For forward-looking investors, this is the strategic inflection point — the moment to act before opportunity becomes equilibrium.
Next Steps: From Opportunity to Implementation
To transform this framework into measurable ROI, foreign investors need precise structuring — combining legal certainty, optimal tax design, and operational readiness.
Our advisory team specializes in end-to-end support for cross-border investors entering Ukraine under Law 1116-IX and the Ukraine Facility framework — from eligibility assessment and financial modeling to Special Investment Agreement negotiation and implementation oversight.
