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- EBRD deployed a record €2.9 billion in Ukraine in 2025 (€9.1 billion since 2022)
- Energy security made up over €1.2 billion of EBRD Ukraine financing in 2025
- Private sector accounted for 57 per cent of investments
The European Bank for Reconstruction and Development (EBRD) deployed a record €2.9 billion in finance in Ukraine in 2025, up from €2.4 billion in 2024, demonstrating its continued commitment to supporting the economy. It maintained a strong focus on energy support. And, for the second year running, over 90 per cent of projects and 57 per cent of its investments were in the private sector.
Since Russia began its full-scale war on Ukraine in February 2022, the Bank has deployed a total of €9.1 billion in the country. “Deployed” finance includes additional forms of financing for wartime Ukraine beyond the EBRD’s own investments. In 2025, these comprised substantial donor grants and trade financing worth €600 million, as well as EBRD core investments of a record €2.3 billion.
EBRD President Odile Renaud-Basso said: “Over the past four years of war, the EBRD has stood firmly by Ukraine—helping keep essential services running, safeguarding energy security and supporting businesses through unprecedented pressures. We remain unwavering in that commitment and are already working with the government to lay the foundations for a resilient and sustainable reconstruction.”
The Bank will continue to provide at least €1.5 billion a year to Ukraine during wartime, with the potential for further increases once reconstruction begins. These intentions are underpinned by a 2023 agreement to increase the EBRD’s paid-in capital by €4 billion, sustaining the provision of support for Ukraine. The capital increase has now been 95 per cent subscribed.
Donor support is essential for wartime delivery. Since 2022, the EBRD has mobilised €3.4 billion for Ukraine, including unfunded guarantees, with €904 million secured in 2025. A further €20 million was mobilised through multidonor funds. Largest individual donors include Norway, the Netherlands, the United States and Sweden, while EU has provided over half of all donor resources in 2025. Since 2022, the largest donors have been the EU, Norway, the United States, France and the Netherlands.
In 2025, the EBRD deployed a record €1.2 billion through partner financial institutions (PFIs) in Ukraine, including €550 million under its Trade Facilitation Programme. The Bank also extended €504 million in portfolio risk-sharing facilities to support up to €1.6 billion of new lending through Ukrainian PFIs. Since 2022, these facilities have enabled over €2.4 billion in new lending across more than 30,000 sub-loans to Ukrainian businesses, primarily small and medium-sized enterprises (SMEs). The EBRD has been the largest portfolio risk-sharing provider in Ukraine outside government programmes.
Central to the EBRD’s mission to support the development of skills and employment in Ukraine has been support for veterans in the banking sector. This has enabled partner financial institutions to develop dedicated lending products that mobilise finance for veterans and veteran-run businesses. In 2025, under existing veteran reintegration financing windows with partner banks, the EBRD supported 111 sub-loans for a total amount of €12.2 million.
While the Bank’s investment in Ukraine is guided by five priorities – energy security, vital infrastructure, food security, trade and private-sector support – energy security accounted for over €1.2 billion of its financing in 2025 and almost €3.3 billion since 2022. Russian attacks on Ukraine’s energy system are weaponising winter, including by leaving many Kyiv residents without heating while temperatures have plunged below -20°C in recent weeks. The EBRD's response has been to provide major support for gas imports, decentralised generation, emergency repairs and the long-term reconstruction of the energy sector.
In 2025, this included two loans to state gas company Naftogaz to replenish gas reserves ahead of the winter, one for €270 million in April, complemented by a €139 million grant from Norway, and one for €500 million in August, accompanied by an EU guarantee and a Norwegian grant of around €80.5 million – the largest ever EBRD loan to Ukraine.
Also in the energy sector, the EBRD provided €60 million towards an international finance package to support the development of private wind farms built by GalNaftoGaz/OKKO Group; lent oil and gas company Ukrnafta €160 million to install small-scale gas-fired distributed power and co-generation capacity around the country; and lent €22.3 million to private Ukrainian company Power One for new peaking generation capacity and battery energy storage systems.
The Bank has also intensified its work with International Chornobyl Cooperation Account donors following a Russian drone attack on the plant in February 2025, securing €60 million from France, the EU and the United Kingdom to restore the New Safe Confinement, a structure built to protect the site after its 1986 disaster. The EBRD has been helping Ukraine to manage the Chornobyl site since 1995.
Outside the energy sector, the EBRD has been supporting the private sector and provision of essential services with significant projects in infrastructure, the financial sector and housing.
In Lviv, Dnipro, Kharkiv, Mykolaiv and Cherkasy, around €100 million in EBRD loans and grants helped address critical investment needs in public transport, wastewater management, district heating and energy resilience.
A direct €50 million loan to postal and courier operator Nova Post, with an EU guarantee, will help the company broaden access to jobs for underserved groups, including people with disabilities, thanks to accessibility improvements.
In the agribusiness sector, an €11 million loan to Karpaty Mineral Water Group and a US$ 25 million loan to leading food retailer VARUS Group, partially covered by an EU guarantee, were provided to support food security in wartime.
Beyond financing, the EBRD continues to support Ukraine’s reform agenda and reconstruction readiness. The Bank continues to play a leading role in advancing corporate governance reform. It is also helping the Government to strengthen the institutional capacity to absorb large amount of reconstruction financing, and advance major project preparation, including through the Ukraine FIRST initiative launched in 2025.
The EBRD is also working with Ukrainian partners on developing Ukraine’s capital markets infrastructure, aiming to create a vertically integrated capital markets holding combining trading, clearing, settlement and custody services. The goal is to make Ukraine’s capital markets more efficient, transparent and attractive to strategic investors – a major step for reconstruction.
Across all the EBRD’s regions, Annual Bank Investment rose to a record €16.8 billion in 2025 from €16.6 billion in 2024. The Bank’s full financial results are expected to be announced in spring.