Prospective Directions of Ukrainian Business Participation in European Financial Assistance Programmes

Abstract

The war in Ukraine has inflicted immense economic losses, encompassing both direct damages resulting from infrastructure destruction and indirect losses associated with decreased production, reduced exports, and increased recovery costs. This article explores the prospects for attracting funding through European financial assistance programmes for Ukrainian businesses in the context of post-war recovery. The aim of the study is to summarise the most promising directions and prerequisites for the successful participation of Ukrainian enterprises in European financial assistance programmes. Special attention is given to the analysis of financial instruments available to businesses, which are categorised by the form of support into grants, loans, guarantees, equity investments, and technical assistance. The paper outlines the EU’s priority areas for financial aid to Ukraine during wartime and in the post-conflict recovery phase. It provides a detailed examination of the main EU funding programmes and their role in rebuilding infrastructure, fostering innovation, and promoting sustainable development in Ukraine. The study identifies key prerequisites for successful business participation in international funding programmes, including: alignment with programme criteria, financial and legal transparency, a high-quality business plan, evidence of potential and resilience, the presence of specialised projects and international partners, adherence to reporting and monitoring requirements, collaboration with international or local organisations, and readiness to compete for grants and funding. Recommendations are proposed to maximise the effective use of current funding opportunities by Ukrainian businesses. Companies, particularly those operating in innovation, sustainable development, breakthrough technologies, energy, and social initiatives, hold promising prospects for participation in international financial assistance programmes. Such programmes can significantly accelerate business growth by providing access to funding, international markets, partner networks, and expert support. They facilitate the implementation of initiatives focused on energy efficiency, reducing environmental impact, and developing a green economy, as well as offering training and consulting resources. As a result, enterprises can enhance their products or services, reduce costs, and improve quality and competitiveness.