Getting private investors to put money into an active war zone is, predictably, a tough sell. The US International Development Finance Corporation and the World Bank’s Multilateral Investment Guarantee Agency are trying to change that math, signing a new political risk insurance framework on June 25 in Gdansk, Poland, designed specifically to cover investments flowing into Ukraine’s reconstruction.

The new structure, called URIF-PRI, is built around the US-Ukraine Reconstruction Investment Fund. The logic is straightforward: if governments and multilateral institutions absorb the political risk, private capital has fewer reasons to stay on the sidelines.

What the URIF-PRI framework actually does

The URIF itself launched in 2025 with an initial capitalization of $150 million, targeting sectors that Ukraine will need to rebuild: critical minerals, energy, information and communications technology, and broader infrastructure. The new URIF-PRI layer adds insurance coverage on top of that fund structure, lowering the risk profile for any investor considering participation.

World Bank President Ajay Banga framed the partnership as essential for drawing in private-sector money, arguing that institutional backing is the mechanism that makes participation viable for investors who would otherwise pass.

Ukrainian Economy Minister Oleksiy Sobolev confirmed that the URIF-PRI coverage goes beyond the fund itself, extending to a wider range of Ukrainian projects.

This is not the first time DFC and MIGA have worked together on Ukraine. An earlier co-insurance arrangement covered a $25 million investment in a manufacturing venture, establishing the operational template that the new framework scales up significantly.

The numbers behind the commitment

Since Russia’s full-scale invasion began in February 2022, DFC’s political risk insurance in Ukraine has totaled $848 million, with its overall Ukraine portfolio reaching $1.6 billion as of mid-2024. MIGA has issued $573 million in guarantees for Ukrainian ventures over the same period, and also administers the SURE Trust Fund, a separate facility for supporting the country’s recovery.

The DFC had already announced a $357 million political risk insurance package in 2024, and the URIF-PRI framework builds on that foundation rather than replacing it.

The URIF approved its first investment in March 2026, following the launch of its investment portal in January 2026.

Why this matters for investors watching Ukraine

The sectors targeted by the URIF are not incidental. Critical minerals have been a focal point of US economic policy, and Ukraine holds significant reserves of materials relevant to clean energy and defense supply chains. Energy infrastructure and ICT reconstruction are prerequisites for any functioning modern economy.

MIGA’s total guarantees for Ukraine are now approaching $605 million, and that figure has climbed consistently since 2022. DFC’s portfolio in the country is in the billions.

What the URIF-PRI does accomplish is make Ukraine investable on paper for a class of institutional investors who require some form of political risk coverage before they can participate.