An important high-level meeting dedicated to Ukraine's economic reconstruction took place in Kyiv. Belgian Foreign Minister Maxim Prévot, during a joint press conference with Acting Ukrainian Foreign Minister Andriy Sybiha, announced the allocation of $6 million to the Rebuild Ukraine Fund (REBUF). This decision is the result of the work of the Belgian Investment Company for Developing Countries (BIO Invest) and marks a new stage in the long-term partnership between the countries.
Strategic significance of BIO Invest investments
As Maxim Prévot emphasized, REBUF is the first direct investment fund created after the start of Russia's full-scale invasion in 2022. Its main goal is to invest in real assets in Ukraine. BIO Invest, acting as Belgium's state development finance institution, takes on the role of a key partner in this process. The Minister noted that Belgium is moving from the phase of immediate humanitarian and military aid to the stage of actively assisting in building the future of the Ukrainian economy.
Fund management and integration into the European market
The REBUF fund is managed by the international investment company Dragon Capital. According to information provided at the press conference, the fund provides long-term capital to sustainable Ukrainian enterprises. These investments are designed not only to support domestic business but also to promote the development of economic ties with Ukraine, ensuring its gradual and irreversible integration into the European market. Earlier, in July 2025, Ukraine and Belgium signed the first investment document at the Ukraine Reconstruction Conference in Rome, laying the foundation for current deals.
Scale of Belgian support since the start of the war
The announcement of new investments comes against the backdrop of massive support that Belgium has provided to Ukraine since 2022. Maxim Prévot clarified that bilateral military and civilian aid from Belgium to Ukraine now exceeds €4.4 billion. Just in the current 2026, the volume of military aid amounted to more than €1.1 billion. The Minister emphasized that Brussels stands by Ukraine, defending its freedom and sovereignty, and is ready to continue working on strengthening the country's economy.
Contradictory data and the context of reparations
In the context of financial support for Ukraine, there are various versions and stages of implementation of large-scale projects. On the one hand, in December 2025, the European Commission proposed that Belgium unblock the provision of a reparations loan for Ukraine amounting to €210 billion, financed from frozen Russian assets. On the other hand, the current deal with BIO Invest for $6 million is a specific step within the framework of a direct investment fund, not a reparations mechanism. Belgium, as previously reported, allows the use of frozen Russian assets but requires EU countries to agree in advance on a mechanism for distributing legal and financial risks, which creates certain difficulties in implementing larger reparations projects.
