National Blueprint · One of 195
A nation of 39 million rebuilding under fire, backed by an $8.1 billion IMF programme and $3.39 billion of World Bank support for private-sector growth in 2026.
Perfect Nations values what Ukraine owns and raises capital against it, through innovative financing for development (FfD) and super intelligence (SI).
Ukraine at a glance
What we do for Ukraine
Perfect Nations is a new-age sovereign advisory firm, and its clients are nations.
The whole logo: a Perfect Nation, where every citizen has all seven basic standards of living, led by good governance.
01Assets · The cup · Sovereign Assets
Each is owned today, earns today, and can carry Ukraine toward seven basic standards of living for every citizen.
39mCitizens, 2025
70 in every hundred live in towns and cities; the rest live on the land they farm and fish.
71.3%Of land in farms and pasture
The land that feeds the nation, and the first place a citizen dividend can be earned.
17.3%Of land under forest
Standing forest holds the water, soil and carbon that the world will pay to keep.
1,342 m³Renewable fresh water per person
Enough to supply every home, once it is stored, treated and piped.
18%Of electricity from renewables, 2023
Sun, wind, water and biomass already carry part of the load; the rest is the opportunity.
02Capital · The laurels · Capital Architecture
Bonds, guarantees, swaps and loans that raise capital against what Ukraine owns, every line sourced.
Capital ArchitectureThe record in figures
Capital already committed
Completed and settled 24 December 2025 · 99.06% investor support · New C Notes due 2032
$2.64 billion of warrants exchanged for $3.50 billion of C Notes due 2032
Ukraine exchanged US$2,635 million of its GDP-linked warrants for C Notes due 2032 totalling US$3,498 million, and B Notes due 2030 and 2034 of about US$16.9 million each, with 99.06% investor support. The Ministry of Finance says warrant payments between 2025 and 2041 could otherwise have reached USD 6 to 20 billion, depending on economic growth. The Ministry says the exchange removes a significant contingent liability and safeguards budget resources, which leaves room for the seven standards.
Government of Ukraine
SourceCompletion announced 4 September 2024 · Thirteen sovereign Eurobond series and one Ukravtodor guaranteed series · Eight new Eurobond series
Upfront nominal haircut of 37%; debt cut by close to $9 billion
Ukraine restructured about USD 20.5 billion of outstanding principal of sovereign and sovereign-guaranteed Eurobonds (around USD 24 billion with accrued interest) into eight new Eurobond series of USD 15.2 billion, endorsed by Ukraine’s Group of Creditors. The Government puts the savings at USD 11.4 billion over the following three years and USD 22.8 billion through 2033, which leaves more of the budget for the seven standards.
Government of Ukraine
SourceLaunched 13 January 2026 · 4.1 million people to assist · 10.8 million in need
US$2.31 billion required, of which US$2.05 billion is prioritised
The UN and partners appeal for US$2.3 billion in 2026 to assist 4.1 million of the most vulnerable people in Ukraine, of an estimated 10.8 million who need humanitarian assistance this year. It is the humanitarian complement to the budget and recovery finance on this page, for needs that cannot wait.
United NationsHumanitarian partners
SourceAll sources of financing committed through the project, as of 30 September 2026
Part of the $91 billion in financial support mobilised for Ukraine through the World Bank since February 2022
The World Bank counts $54 billion of financing from all sources committed through PEACE as of 30 September 2026, within the $91 billion in financial support mobilised for Ukraine since February 2022, of which $79.8 billion has been disbursed. The operation channels partner money to Ukraine’s public expenditures.
World BankDonor partners
SourceApproved 26 February 2026 · SDR 5.9353 billion, 295 percent of quota · 48 months · First review completed 20 July 2026
About $2.2 billion disbursed; about $690 million released in July 2026
The four-year IMF arrangement, part of a US$136.5 billion international support package for Ukraine. Completion of the first review on 20 July 2026 allowed an immediate disbursement of SDR 503 million (about US$690 million), bringing disbursements under the arrangement to about SDR 1.6 billion (about US$2.2 billion). IMF staff project public debt at 111.8 percent of GDP in 2026.
International Monetary Fund
SourceApproved 22 June 2026 · $1.04 billion World Bank loan · $2.35 billion F.O.R.T.I.S. grant · First of a programmatic series of two
Private investment, skilled labour and integration with EU markets
A development policy operation for reforms that enable private financing and investment, attract skilled workers to jobs, including through housing policy and veteran entrepreneurship, and integrate Ukraine’s markets with the EU, including in electricity. The $1.04 billion loan is backed by $540 million of credit enhancement from the ADVANCE Ukraine Trust Fund, supported by Japan, and $500 million of guarantees from the United Kingdom. It serves the livelihood, shelter and energy standards.
World BankADVANCE Ukraine Trust FundGovernment of the United KingdomF.O.R.T.I.S. Ukraine Financial Intermediary Fund
SourceApproval announced 29 May 2026 · $860 million World Bank loan · $20 million URTF grant
Social assistance for more than one million people
Finances social assistance for low-income households and programmes for vulnerable families with children, persons with disabilities, older persons and caregivers, and strengthens social service providers. The $860 million loan is backed by $360 million of credit enhancement from ADVANCE Ukraine and a $500 million guarantee from the United Kingdom. It serves the livelihood standard for more than one million people.
World BankADVANCE Ukraine Trust FundGovernment of the United KingdomURTF
SourceAnnounced 21 October 2026 · Loan to the Government of Ukraine · EU guarantee under the Ukraine Investment Framework · €6 million EU grant expected
Border crossings with the EU and Moldova on TEN-T roads
An EIB loan to the Ukrainian government, carried out by the State Agency for Restoration and Infrastructure Development, to upgrade border-crossing terminals, waiting areas, sanitary facilities, shelters, access roads and customs equipment at the borders with the European Union and Moldova. Faster, cheaper trade serves the livelihood standard.
European Investment BankEuropean Union
SourceLoan agreement signed 26 June 2026 · €10.7 million EU grant · €50 million contribution from Italy · CEB lending for the programme €300 million in all
Compensation for homes destroyed in the war; two further loans of €80 million and €60 million approved
A Council of Europe Development Bank loan for Ukraine’s programme of compensation for destroyed homes, under which three thousand families have already bought new housing with housing vouchers, according to the Deputy Prime Minister. Two further CEB loans, €80 million for internally displaced people and €60 million for veterans’ housing, have been approved. It serves the shelter standard.
Council of Europe Development BankEuropean UnionGovernment of Italy
SourceSigned at the Ukraine Recovery Conference, Gdańsk, 25 to 26 June 2026 · With governance and anti-corruption support
Part of new commitments that bring EBRD financing in wartime Ukraine to €10.5 billion
An EBRD loan to Ukrenergo for substation reconstruction, with support for governance and anti-corruption. At the same conference the EBRD signed €50 million for a 189 MW wind plant of GNG Group (OKKO Group) and a common terms agreement for a €65 million loan for the 120 MW Notus Energy wind plant, bringing its financing in wartime Ukraine to €10.5 billion. It serves the energy standard.
European Bank for Reconstruction and Development
SourceAnnounced 25 June 2026, Gdańsk · Over €470 million · €96 million loan for roads, bridges and border infrastructure · €100 million loan to Ukreximbank · €50 million social housing loan with a €50 million EU grant · €80 million to be committed to the European Flagship Fund
EU-backed guarantees for PrivatBank and Ukrgasbank aim to unlock up to €500 million for small businesses
Over €470 million of new EIB Group financing for housing, connectivity and private-sector growth. It includes social housing for internally displaced people in Kremenchuk, Kropyvnytskyi, Lviv, Mykolaiv and Zhytomyr, a €25 million EU grant for the recovery and modernisation of the water sector, and lending for small and mid-sized firms. It serves the shelter, water and livelihood standards.
European Investment BankEuropean Union
SourceAgreement signed 7 January 2026 · Senior loan of up to €75 million · EU guarantee under the Ukraine Investment Framework · Completion expected 2030
Emergency repairs and equipment replacement at three Ukrhydroenergo hydropower facilities
An EBRD loan to the state-owned hydropower company Ukrhydroenergo for emergency repair and recovery works and equipment replacement at three hydropower facilities, the Dnipro Hydropower Plant and the Kyiv HPP and PSP cascade, with up to €20 million of donor grants in a project of €120 million in all. It serves the energy standard.
European Bank for Reconstruction and DevelopmentEuropean Union
SourceRegulation adopted 24 February 2026 · Financing strategy approved 23 April 2026 · 2026 and 2027 · €30 billion macroeconomic support, €60 billion defence
€4.36 billion disbursed 5 November 2026: €3.7 billion of macro-financial assistance and €658 million for defence
An EU loan for Ukraine’s budgetary and defence industrial needs in 2026 and 2027, financed through EU borrowing on the capital markets, backed by EU budget headroom and to be repaid by reparations due by Russia to Ukraine. For 2026 it makes €45 billion accessible: €8.35 billion of macro-financial assistance, €8.35 billion through the Ukraine Facility and €28.3 billion for defence industrial capacity. The Government says the budget funds go to priority spending.
European Union
Source2024 to 2027 · Eighth disbursement, €2.9 billion, 2 October 2026 · Includes €800 million from the Ukraine Support Loan
Over €50 billion in grants and loans; €2.9 billion released on 2 October 2026
The EU’s Ukraine Facility provides over €50 billion in grants and loans to support Ukraine over 2024 to 2027, paid as reform steps under the Ukraine Plan are met. The eighth disbursement, €2.9 billion on 2 October 2026, supports financial stability and reforms; with it, total EU support under the Ukraine Plan reaches over €32 billion.
European Union
SourceGrant agreement signed 20 May 2026 · Grant aid of up to JPY 6,200 million
Equipment for health, agriculture, public infrastructure and public broadcasting
A Japanese grant through JICA for equipment and machinery for Ukrainian government institutions in medical and health services, agriculture, public infrastructure and public broadcasting. It serves the health and food standards.
Japan International Cooperation Agency
SourceDFC seed equity announced 17 September 2025 · Fully operational 18 December 2025 · First investment announced 25 March 2026
$75 million of DFC equity, matched by the Government of Ukraine
A fund established in April 2025 that prioritises investment in critical minerals, energy, transport and logistics, information and communications technology and emerging technology. DFC committed $75 million of seed equity, matched by the Ukrainian Government for a combined $150 million; its first investment, of an undisclosed amount, is an equity stake in Sine Engineering. It serves the livelihood and energy standards.
U.S. International Development Finance CorporationGovernment of Ukraine
SourceTen tranches in 2025 · Tenth and final tranche of €4.1 billion 13 November 2025 · The EU’s full contribution to the G7 Extraordinary Revenue Acceleration initiative
Other G7 countries disbursed a further €12.8 billion; ERA loans totalled €30.9 billion at 13 November 2025
The European Commission’s exceptional Macro-Financial Assistance programme delivered €18.1 billion in loans to Ukraine in 2025, the EU’s full contribution to the G7-led Extraordinary Revenue Acceleration initiative. With the €12.8 billion disbursed by other G7 countries, ERA loan support totalled €30.9 billion at 13 November 2025.
European Union
SourceLoan agreement signed 5 June 2025 · Interest TORF+90bp · 30 years
Japan’s ERA loan, over USD 3 billion; the Ministry of Finance reported a first tranche of USD 544 million received through the World Bank’s PEACE programme (3 March 2026)
A Japanese ODA loan to support policy implementation and institutional reform in Ukraine, repaid from extraordinary revenues stemming from the immobilisation of Russian sovereign assets held in EU jurisdictions. The Ministry of Finance puts it at over USD 3 billion.
Japan International Cooperation Agency
SourceAnnounced 21 October 2026 · Third agreement under the Ukraine Facility Partial Portfolio Guarantee · Backed by the EU under the Ukraine Investment Framework
Loans on advantageous terms to more than 700 small and medium-sized enterprises
A European Investment Fund guarantee that enables ProCredit Bank Ukraine to offer up to €143 million of loans on advantageous terms to businesses affected by the war, veteran-led businesses and women and young entrepreneurs. Across participating banks, the programme is projected to make more than €1.1 billion available. It serves the livelihood standard.
European Investment FundEuropean Union
SourceApproved 3 November 2025 · Signed 14 January 2026 · Invested 6 July 2026 · First-loss guarantee of up to $12.5 million expected
Equity of up to US$25 million in the project description; the disclosure’s Board-approved figure is US$49.83 million, indicative
An IFC equity investment of up to US$25 million in Rebuild Ukraine Fund, a private equity fund for small and medium enterprises and mid-market companies in Ukraine that targets majority stakes, with a particular focus on consumer goods and services, healthcare, pharmaceuticals and financial services. It serves the livelihood and health standards.
IFC
SourceSigned at the Ukraine Recovery Conference, 25 to 26 June 2026 · PrivatBank €265 million, Oschadbank €150 million and Ukrgasbank €148 million facilities, among others
€303 million of EBRD finance enabling €845 million of new credit
EBRD portfolio risk-sharing facilities and loans with eight banks, PrivatBank, Oschadbank, Bank Lviv, Kredobank, UKRSIBBANK, Ukrgasbank, Ukreximbank and Raiffeisen Bank Ukraine, to enable €845 million of new lending. Credit for firms protects jobs and wages, which serves the livelihood standard.
European Bank for Reconstruction and Development
SourceApproved 12 June 2026 · Pending signing · Odesa region · Total cost about €231 million excluding VAT
IFC investment as approved by the Board, indicative; IFC says it intends around €70 million of financing, including blended finance, with €37.5 million of co-investments expected
IFC financing, approved and pending signing, for a 120 MW greenfield onshore wind power plant in the Odesa region, majority owned by Notus Energy GmbH. The Norwegian Agency for Development Cooperation, the Government of France and the European Commission under the Ukraine Investment Framework are expected to support its blended finance. It serves the energy standard.
IFCNoradGovernment of FranceEuropean Commission
SourceAnnounced 20 January 2026 · EU and French guarantees cover about half of IFC’s equity · Fund target €300 million
Minority stakes in energy, construction and digital infrastructure companies
An IFC equity investment of up to €50 million in a fund that takes minority stakes in companies that restore electricity, expand construction capacity and upgrade digital networks. It serves the energy, shelter and livelihood standards.
IFCEuropean CommissionGovernment of France
SourceApproved 27 May 2025 · Signed 21 June 2025 · Invested 27 June 2025 · Loan of up to €50 million · Risk-sharing facilities of up to €40 million
Capex and working capital for Ukrainian operations; guarantees on receivables from farmers and grain buyers
An IFC loan of up to €50 million to InVivo Group for the operations of its subsidiaries in Ukraine, with risk-sharing facilities that partially guarantee up to €30 million of Soufflet Agro Ukraine’s receivables from Ukrainian farmers and up to €10 million from global buyers of Ukrainian grain. It serves the food and livelihood standards.
IFC
Source
Oksana KovalenkoNation Steward of Ukraine · SI Researcher
Independent firms and social enterprises already at work in Ukraine, highlighted by Perfect Nations. None is a partner of Perfect Nations.
The Ukrainian arm of the French agricultural group InVivo, founded in Ukraine in 2007, with grain warehouses and the Slavuta Malt House. In 2025 IFC lent up to €50 million to InVivo for its Ukrainian operations and backed risk-sharing facilities on receivables from Ukrainian farmers and grain buyers.
IFC, 2025In 2017 the EBRD described it as Ukraine’s leading producer of water purification equipment, including pitcher-type water filters. The EBRD lent it US$3 million to expand production and storage and to start making reverse osmosis membranes, for access to clean water at affordable rates.
EBRD, 2017A leading Ukrainian pharmaceutical manufacturer that sells in Ukraine and exports to more than 40 countries. The EBRD lent it €15 million, backed by an EU guarantee under the Ukraine Investment Framework, to finance its investment plans in Ukraine and Uzbekistan.
EBRD, 2025A Ukrainian bank that lends to small and medium-sized enterprises. In October 2026 a European Investment Fund guarantee was announced that will enable it to offer up to €143 million of loans on advantageous terms to more than 700 businesses, including war-affected and veteran-led firms and women and young entrepreneurs.
EIB, 202603Solutions · The seven stars · Perfect Capita
Perfect Capita is the yearly cost, per person, of lifting everyone above the Living Line in all seven basic living standards, set with Ukraine in its own prices.
How Perfect Capita worksTap a star for its figure and source.
The price of Perfect Ukraine
To be set with Ukraine, from its own figures and in its own prices: Perfect Capita times the people of Ukraine, each year.
Perfect Nations estimate, to be confirmed with Ukraine. Figures marked dated rest on surveys more than five years old; lenient measures are marked as such. The strict measures
Strict measures. Food: share not moderately or severely food insecure (FAO). Water: safely managed drinking water where measured; where it is not, basic water, marked as such. Shelter: the lower of safely managed sanitation and the share outside urban slums. Energy: the lower of electricity per person against 1,000 kWh and clean cooking. Education: the lower of children reading by the end of primary school and lower-secondary completion. Health: WHO service coverage index. Livelihood: share above the stricter of the national poverty line and the World Bank line for the nation’s income group. Each figure links to its source.
Solution No. 35
War-risk cover and credit guarantees let farmers plant, so families can count on food at home.
~12mUkrainians who cannot always count on enough good food
Blue sky above yellow wheat: the plainest flag in Europe and one of the bravest. Even at war, nine in ten of your young people complete school and almost all of you have a safe toilet and clean fuel.
“You have kept a nation standing under fire. Now let every Ukrainian family count on a full table.”
Work with us · The ReDesign Studio
One mission, three depths: the same four moves for Ukraine, taken as far toward market as you choose.
For the Government of Ukraine, its development partners and investors. Scope and fees are agreed in writing before any work begins.
Mandate 013 hours
A private session for the people who decide.
You leave withThe gap, named and sized
Mandate 023 days
Your team and ours, working the blueprint together.
You leave withThe structure, drawn
Mandate 03End to end
Led personally by the President and CEO.
You leave withA structure ready for market
Where Ukrainians and Co-designers design the nation they want to live in.
Writings
Up to 1,500 words on your vision of Perfect Ukraine, published with your name.
Submit your writingVoices of Perfect Nations Launching soon
Great local leaders: honest, dedicated and committed to basic standards of living for all. Every guest answers one question: “What does Ukraine already own, and how could it pay for a decent life for every citizen?”
Co-designers
Everyone who shares a vision, a voice or an enterprise here becomes a Co-designer of Perfect Ukraine.
Become a Co-designerThe Ukraine ReDesign Studio is open
Share your vision, suggest a guest, or write to us: every message receives a personal reply.
