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- EBRD supports Ukraine’s energy security with new €500 million loan to Naftogaz
- Loan to be complemented by EU guarantee
- Largest loan made by EBRD to Ukraine will help replenish gas reserves ahead of the winter season
The European Bank for Reconstruction and Development (EBRD) is supporting Ukraine’s energy security, which has been weakened by repeated targeted attacks by Russia this year, by lending €500 million to gas company Naftogaz (NAK) to finance emergency gas purchases. This is the Bank’s largest single loan facility in Ukraine.
The EBRD’s revolving loan is supported by an EU guarantee covering 90 per cent of the loan amount under its Ukraine Investment Framework, dedicated to unlocking financing for Ukraine’s recovery and long-term growth. It has also attracted a grant from Norway of NOK 1 billion (around €83 million).
The latest EBRD finance to Naftogaz follows major Russian attacks on the company’s upstream gas production and processing facilities in the first half of 2025. These have resulted in significant production losses for the year, as the company rebuilds its damaged operations, and created the need for more gas imports.
This is the fourth finance package the EBRD has provided for Naftogaz since Russia launched its full-scale war on Ukraine in 2022. It brings the total Bank financing to Naftogaz to more than €1.6 billion, including €1.27 billion in EBRD loans and €413 million (NOK 4.63 billion) in grants provided by Norway via EBRD.
The transaction will also support the reform objectives of previous EBRD engagement, with Naftogaz working towards the integration of the Ukrainian gas market with that of the EU. Naftogaz will source natural gas competitively from 30 pre-qualified gas suppliers with contracts based on standards of the European Federation of Energy Traders.
The EBRD is Ukraine’s largest institutional investor and has deployed more than €8 billion there since the start of the war. Its five investment priorities in Ukraine are support for energy security, vital infrastructure, food security, trade and the private sector.
The Ukraine Investment Framework is part of the €50 billion EU’s Ukraine Facility designed to attract public and private investments for the recovery and reconstruction of Ukraine. It is endowed with financial instruments totalling €9.3 billion, with €7.8 billion in loan guarantees and €1.5 billion in blended finance. The aim of the Ukraine Investment Framework is to mobilise €40 billion of investments for the recovery, reconstruction, and modernisation.