Regions

Large-scale green energy projects and sustainability-linked financing featured prominently in the EBRD’s activities in central Europe and the Baltic states in 2025.

Investment in the region remained strong at €2.6 billion and hit a record in the Baltic states of a combined €654 million, with all-time highs in Latvia and Lithuania. The Bank also continued to play an active role in strengthening the region’s capital markets and developing a sustainable financial sector.

The EBRD had a record year in south-eastern Europe, with annual investment exceeding €2.9 billion.

The Bank invested a higher-than-usual share of 78 per cent in the private sector, including significant investments in renewables and private equity funds backing innovative companies.

Romania ranked first for financing, at €955 million – an annual record, pushing total investment in the country to more than €12.3 billion. Bulgaria received €295 million, with 100 per cent going to the private sector, both significant upticks from previous years.

Investment in eastern Europe and the Caucasus hit a record €3.7 billion in 2025, with Ukraine the main focus as support continued for the country both in wartime and to prepare it for post-war reconstruction.

Moldova has also suffered economic impacts from the war in neighbouring Ukraine, and the Bank has significantly increased its investment and assistance activities in the country as a result. Annual investment rose to €508 million from €280 million, including backing for key road and port projects and energy security, and there was technical support for a first renewables auction. The EBRD is Moldova’s biggest institutional investor. 

EBRD activities in 2025 helped to address some of Central Asia’s key challenges and open up opportunities for growth.

Water scarcity and management are among the region’s most pressing issues, and EBRD investments to improve irrigation systems in the Kyrgyz Republic and Uzbekistan will help tackle them while boosting agricultural resilience and cutting energy use. 

The EBRD had an outstanding year in the southern and eastern Mediterranean region, breaking numerous records and beginning operations in a new country.

Investment hit an all-time high of €2.8 billion, topping 2024’s record of €2.4 billion. Mobilised investment also reached a new peak of €747 million, up from €514 million in 2024.

Five countries in sub-Saharan Africa became EBRD countries of operation in 2025, in an historic development for the Bank.

With the accession of Benin, Côte d’Ivoire, Kenya, Nigeria and Senegal, the Bank now operates in 40 countries on three continents. It hopes to start operating in Ghana soon. 

After a decade of impactful investments worth €8.9 billion across 128 projects, the EBRD reached the end of its temporary mandate in Greece in December 2025.

Investments in 2025 totalled €355 million in 14 private-sector projects, with another €319 million mobilised. They included €50 million in bonds issued by infrastructure group GEK Terna to support renewables, battery storage and water supply projects, as well as a combined €65 million in three local private equity funds. 

Helping the private sector become even more resilient and competitive was a key factor in many EBRD investment and assistance projects in Türkiye in 2025, with private enterprises accounting for 91 per cent of new investments.

The Bank deployed a record €2.7 billion in annual investment, surpassing 2024’s €2.6 billion. Contributions to recovery efforts following 2023’s earthquake included a €128 million loan to Enerjisa Enerji to rehabilitate the electricity distribution network and for solar investment, as well as €195 million of sovereign financing for water-related infrastructure in severely affected cities in Adıyaman and Hatay provinces.