Our Contribution to Recovery: BDO in Ukraine’s Involvement in Preparing the URC2025

In May and June 2025, the team of BDO in Ukraine participated in a pro bono project to prepare the URC2025 Guide, a large-scale investment catalogue that became one of the Ukraine Recovery Conference’s key elements. The conference was held in Rome.   

The project was initiated and coordinated by the Ministry of Economy of Ukraine and the Kyiv School of Economics (KSE Institute), and BDO in Ukraine was engaged as a key partner, providing expert and analytical support. This is the second consecutive year that our team has contributed to the initiative: in 2024, we also participated in the preparation of analytical materials and investment teasers for the Recovery Conference held in Berlin. 

 The Ukraine Investment Catalogue (URC2025) is a practical tool for investors, donors, and financial institutions, featuring 250 investment cases across 12 strategic sectors. The total financing requirement exceeds USD 40 billion. The guide demonstrates the potential of Ukraine as a competitive and investment-attractive country striving for sustainable development and integration into European markets. Its objective is to attract private capital to the country’s recovery through transparent, economically sound projects. 

BDO in Ukraine provided analytical support for the Information and Communication Technologies (ICT) and Digital Sector, including the development of investment projects within this area. 

 

Our key areas of involvement: 

• Preparation of a concise industry report: outlining the current state of the sector, key trends, orientation, advantages and development prospects. 
• Development of investment project profiles: 
  • Initial selection of projects for the conference from the total pool of submissions. 
  • Communication with the initiators of selected projects. 
  • Working with materials and assisting with business plans, financial models, and the calculation of required indicators. 
  • Compiling investment profiles for the projects. 

The BDO team processed and presented a total of 18 projects for URC, with a combined financing requirement in excess of USD 800 million. 

Main challenges we faced: 

• Insufficient project maturity or elaboration 

It was noted that some submissions were at an early stage or lacked a developed business model, clear financing strategy, financial forecasts and models. This was primarily due to the fact that the majority of applicants were small companies or start-ups with limited experience in launching or scaling IT products, digital platforms, or services, and no prior history of attracting investment or trust from international partners. However, the ICT section of the investment guide allowed for the inclusion of any companies with potentially interesting projects for investors. We therefore provided such companies with active support as they revised their business models and correctly presented their ideas in an investment project format. 

• Insufficient calculations and forecasts 

In many cases, project initiators provided only basic development forecasts, while the guide format required key investment indicators (NPV, IRR, DPP, etc.). It was often necessary to make significant adjustments or even to recalculate these figures. In some cases, new financial models had to be created in order to assess the investment component. At this stage, it is clear that for start-ups and early-stage projects, decisions are primarily based on basic operational information and forecasts, while long-term investment metrics are often overlooked.  
Engaging professional consultants in project development is always recommended, as this can save time and even lead to a revision of the business model if initial assumptions prove invalid. A well-prepared investment project is crucial for attracting investment and evaluating business development effectiveness. 

What an investable project looks like: 

• Strong team 

Investors primarily invest in teams. A team should have relevant experience and a good reputation, as well as technical and managerial expertise and clear role distribution. Having consultants or partners with relevant experience is also important for building trust in the project. 

• Clear business model 

For a project to be successful, it must have a clear value creation logic. This includes how it generates revenue, who the customer is, how monetisation works, which sales channels are used and how the model will scale in the future. 

• Financial justification 

The project should be supported by a financial model that includes at least 5 years of forecasts, key investment indicators, scenario analysis and detailed breakdowns of costs and revenues, as well as a clear plan for how the investment will be used. It is also important to have an “exit strategy” for the investor. 

• Market validation 

Demand confirmation is one of the strongest arguments. This can include pilot implementations, signed memorandums, letters of intent, initial sales, or even survey results from potential customers. 

• Institutional readiness 

A legally established structure, protected intellectual property rights, permits, ESG compliance and a transparent ownership structure reduce investor risk and increase project attractiveness. While institutional readiness can develop during the implementation stage, there should be a plan in place for the desired outcome. 

• Alignment with state or donor strategic priorities 

The project should be aligned with government policies, sectoral strategies, international support programmes and sustainable development goals. This increases the chances of obtaining grants, concessional financing or partnerships with international organisations. 

• Transparency and communication 

Throughout the preparation of an investment project, initiators must ensure that they provide timely updates and adapt materials in response to investor requests. They must also provide complete and structured information and maintain open communication with all stakeholders.  

Participation in the URC2025 project has provided our team with the valuable opportunity to apply our expertise to a large-scale national project of strategic importance to Ukraine’s economic recovery. The development of the catalogue has enabled us to develop systematic approaches to assessing investment readiness, structuring project information and building financial models that meet the current needs of Ukrainian businesses. This experience has reinforced our consulting practice in projects aimed at attracting international financing. We are confident that this collaboration was also beneficial for guide participants, who received independent evaluations of their projects, professional support in presenting them and recommendations for improving their business models. We look forward to continued cooperation in the next stages of development for the projects with which we are already familiar. 

Should you be working on or planning to develop an investment project, please contact the BDO in Ukraine team. We will assist you in structuring information, preparing a financial model, and presenting your project in a way that is appealing to international partners.