BAKU, Azerbaijan, Feb.5. The European Bank for
Reconstruction and Development (EBRD) deployed a record €2.9
billion of finance in Ukraine in 2025, up from €2.4 billion in
2024, underscoring its ongoing support for the country amid wartime
conditions. Over 90% of projects and 57% of investments were in the
private sector for the second year running, Trend reports with
reference to the Bank.
Since the outbreak of the war in February 2022, the EBRD has
mobilized a total of €9.1 billion for Ukraine, including €600
million in donor grants and trade financing, alongside €2.3 billion
in core investments in 2025 alone. The Bank plans to continue
providing at least €1.5 billion per year during the conflict, with
potential increases once reconstruction begins, supported by a 2023
€4 billion paid-in capital increase, now 95% subscribed.
Donor funding has been critical to wartime operations, with €904
million mobilized in 2025, including €20 million through multidonor
funds. Key donors include Norway, the Netherlands, the United
States, Sweden, and the EU, which provided over half of all donor
resources in 2025.
The Bank deployed €1.2 billion through partner financial
institutions (PFIs), including €550 million via the Trade
Facilitation Program, and extended €504 million in portfolio
risk-sharing facilities to support up to €1.6 billion in new SME
lending. Since 2022, these facilities have enabled over 30,000
sub-loans for small and medium-sized enterprises, making the EBRD
the largest provider of portfolio risk-sharing in Ukraine outside
government programms. Special financing windows also supported
veterans in the banking sector, with 111 sub-loans totaling €12.2
million in 2025.
Energy security remained a top priority, accounting for over
€1.2 billion in 2025 and nearly €3.3 billion since 2022. The Bank
provided support for gas imports, emergency repairs, and long-term
reconstruction, including two loans to Naftogaz (€270 million in
April and €500 million in August), complemented by EU guarantees
and Norwegian grants. Additional energy projects included private
wind farms, small-scale gas-fired generation, and battery storage
systems.
The EBRD also supported Ukraine’s Chornobyl site following a
Russian drone attack in February 2025, mobilizing €60 million from
France, the EU, and the United Kingdom to restore the New Safe
Confinement structure.
Beyond energy, the Bank funded infrastructure, financial
services, housing, and agribusiness projects, including €100
million for public transport, wastewater, and district heating in
Lviv, Dnipro, Kharkiv, Mykolaiv, and Cherkasy, a €50 million loan
to Nova Post for accessible jobs, and agribusiness loans to Karpaty
Mineral Water Group (€11 million) and VARUS Group (US$25
million).
The EBRD is also supporting Ukraine’s reform and reconstruction
readiness, including corporate governance reform, institutional
capacity building for reconstruction financing, and capital markets
development via the Ukraine FIRST initiative.
Across all regions, the EBRD’s annual investment reached a
record €16.8 billion in 2025, up from €16.6 billion in 2024.
