Ukraine’s public investment management reform: Sectoral analysis of the Single Project Pipeline

by CEE Bankwatch, Centre for Environmental Initiatives “Ecoaction”, Transport & Enviornment

Over the past two years, Ukraine’s public investment management system has moved from the conceptual stage to a phase of intensive implementation.

The Single Project Pipeline is a core instrument of the national public investment management system, focused on specific investment projects and programmes tied to particular sectors and territories.

This report assesses the extent to which the Pipeline reflects the Ukraine government’s stated priorities, aligns with the budgetary framework, provides space for community and regional projects, and brings Ukraine closer to an EU model of partnership and sustainable development.

A systemic challenge in developing the Single Project Pipeline is the extremely centralised, top -down nature of the public investment management reform. At present, the Pipeline is being completed exclusively by ministries, state -owned enterprises, and joint -stock companies with majority state participation.

The report finds that Ukraine’s Single Project Pipeline is currently weakened by excessive centralisation, delayed reforms, opaque decision-making, weak environmental safeguards and a stark mismatch between investment ambitions and fiscal reality, limiting its credibility as a strategic investment tool.

To address these shortcomings, it recommends turning the Pipeline into a realistic, transparent and decentralised filter that is strictly aligned with budgetary capacity; strengthens prioritisation, accountability and stakeholder participation; meaningfully embeds EU‑aligned environmental, climate and social criteria; closes sectoral and wartime-relevance gaps; and unifies investment streams and classifications, so that the Pipeline can credibly connect national recovery priorities with state and donor financing.