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1. Under the Ukraine Investment Framework, the Commission shall provide the Union support to Ukraine in the form of financial instruments, budgetary guarantees or blending operations, including technical assistance linked to the implementation of Pillar II.

2. The Commission shall be supported by a steering board in the implementation of the Ukraine Investment Framework (the ‘Steering Board’). The Steering Board shall adopt its rules of procedure.

3. The Steering Board shall comprise representatives of the Commission and of each Member State. Ukrainian authorities shall be invited to attend Steering Board meetings as appropriate. The European Parliament and the Verkhovna Rada shall have observer status. Counterparts implementing the Ukraine Guarantee and financial instruments supported by the Ukraine Investment Framework, may be given observer status. The Commission shall chair the Steering Board.

4. The Steering Board shall provide strategic and operational guidance and support to the Commission on different aspects including risk profiles, the form of support, the design of financial products to be deployed, and on non-eligible sectors. It shall formulate opinions on the use of Union support through the Ukraine Guarantee, financial instruments and blending operations including the concessionality levels, taking into account the relevant risk assessments. The Steering Board shall, where possible, adopt opinions by consensus.

5. The Commission shall ensure that Union support provided under the Ukraine Investment Framework is consistent with the Ukraine Plan and contributes to its implementation, and is complementary to Union support to Ukraine granted under other Union programmes and instruments, taking into account the promotion of corporate social responsibility and responsible business conduct, in particular by respecting internationally agreed guidelines, principles and conventions on investment.

6. At least 15 % of the guarantees provided under the Ukraine Investment Framework shall be used to support micro, small and medium-sized enterprises, as defined in Article 2 of the Annex to Recommendation 2003/361/EC, including start-ups, including through financial tools which have as an objective to reduce the risk involved in the lending operations of Ukrainian banks.

7. For the purpose of Article 209(2), point (h), of Regulation (EU, Euratom) 2018/1046, the requirement on ex ante evaluations of financial instruments and budgetary guarantees shall be met by the positive assessments of the Ukraine Plan by the Commission, referred to in Article 19(1) of this Regulation.

8. The support under the Ukraine Investment Framework shall in particular serve the implementation of the Ukraine Plan while complementing the financing sources established by this Regulation.

9. At least 20 % of the overall amount corresponding to support under the Ukraine Investment Framework and to investments under the Ukraine Plan shall contribute, to the extent possible in a war-torn country, to climate change mitigation and adaptation, environmental protection, including biodiversity conservation, and to the green transition.

10. The Commission shall report annually on the implementation of the support under the Ukraine Investment Framework in accordance with Article 41(4) and (5) of Regulation (EU, Euratom) 2018/1046. For that purpose, each counterpart of the Ukraine Guarantee and each entrusted entity implementing financial instruments shall provide on an annual basis the information necessary to allow the Commission to comply with its reporting obligations.