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Donor support for Ukraine

Group of Uzbek women

Donor funding is a critical element of EBRD support for Ukraine and other countries affected by the war.

In 2022, the Bank has reached a significant milestone in its fundraising efforts by mobilising above €1.4 billion that have been committed by a wide range of its donors. This includes a range of financial instruments, including co-investment grants such as funded guarantees and capex grants, unfunded guarantees as well as technical cooperation grants for policy and expertise, to be used across several sectors to help protect Ukraine’s economy.

Donors who extended support so far are: The United States, Norway, France, Netherlands, Spain, the European Union, Canada, the United Kingdom, Italy, Japan, South Korea, SwitzerlandTaipei-China, Germany, Austria, Denmark, Finland, Ireland and Sweden.

The EBRD has launched the EBRD Crisis Response Fund with a dedicated focus on Ukraine. The Fund has so far received more than €880 million. The contributors are: France, Canada, Italy, Japan, Norway, Switzerland, the United Kingdom, Germany, Netherlands, Denmark and the USA (with a landmark contribution of US$500 million). The donor contributions are utilized as financial guarantees and investment grants to support vital sectors of the Ukrainian economy.

Energy Security

EBRD's support ensures continued provision of vital energy services to affected people and businesses. The Bank focuses on providing working capital and grants to the two leading state owned energy companies: Naftogaz (gas & utilities company), and Ukrenergo (electricity transmission system operator).

Progress to date

The Bank has signed two unfunded guarantees to finance emergency working capital of Ukrenegro: an EU guarantee worth €35.625 million extended through the European Fund for Sustainable Development (EFSD), and a guarantee provided by the UK worth €48.6 million. The EBRD Shareholder Special Fund (SSF) additionally contributed €1.875 million.

In addition, another €150 million of the US contribution to the Crisis Response Special Fund was allocated to support a new loan to Ukrenergo to finance emergency restoration of Ukraine’s electricity transmission network. The loan was complemented by contributions from the Netherlands of €72 million and Italy of €10 million in the form of investment grants.

The Bank has also signed three unfunded guarantees to support the purchase of gas by Naftogaz: a guarantee extended by Canada worth €36.5 million, a guarantee provided by Germany worth €50 million and a guarantee issued by France of €50 million. In addition, the US has allocated €63.5 million of its contribution to the Crisis Response Special Fund for the same purposes. Recently, the Bank has signed a contribution agreement with Norway of NOK 2.0 billion that that are being subsequently extended to Naftogaz as a grant to make additional critical gas purchases. 

Agriculture and food security

Boosting agricultural production and securing the agricultural value chain in Ukraine is critical to ensuring food security. The EBRD investments also contribute to averting a global food crisis by addressing risks of global maintenance of vital food supply, particularly in highly dependent food importing countries (like the Southern and Eastern Mediterranean region).

The Bank is focused on providing short-term liquidity support to agribusiness clients to preserve jobs, protecting crop seasons (from planting to harvesting), and providing fuel and logistical support. The EBRD will also support trade finance instruments to keep trade flows open for agricultural exports and imports of essential goods.

Progress to date

Donors have pledged to support food security within Ukraine and the global food value chain. Some €67.5 million have been used for this sector from the Crisis Response Special Fund, plus a specific contribution from Norway for this purpose of €5 million. Moreover, some €15.2 million have been allocated from the SSF for food security projects. In addition, the Netherlands contributed another €25 million to the CRSF in early 2023 to specifically support food security and the private sector. Furthermore, a new €100 million unfunded guarantee signed with Spain will be used to support the Bank’s food security and municipal projects in Ukraine, with roughly half per sector.

Vital Infrastructure

The Bank is focused on providing emergency liquidity support and critical capex loans to renew and ensure continued operations and avoid a collapse of essential transport and logistics services. Our focus is on emergency capital expenditures to improve the resilience of delivery networks, which will promote trade and exports, and expand service coverage, including in remote areas. The Bank’s key effort in this sector was focused on providing emergency liquidity financing to Ukrainian Railways, the Ukrainian state-owned railway operator.

Progress to date

In partnership with the Bank, the European Union has provided a €22.25 million unfunded EFSD guarantee to Ukrainian Railways. Furthermore, France provided an unfunded guarantee of €49.4 million and €2.75 million has been allocated from the SSF. 

Furthermore, €60 million of the US contribution to the Crisis Response Special Fund and an additional expected €40 million contribution from the Netherlands will support a new emergency loan from EBRD to the Ukrainian Railways. Both contributions will enable EBRD investments to facilitate the expansion of the cross-border capacity and improve railway connectivity corridors with the EU, address border crossing bottlenecks and rehabilitate certain key railway sections. In addition, a €4.5m investment grant was extended by the SSF to Ukrposhta, the national postal operator of Ukraine, to support the acquisition of Starlink satellite internet terminals as well as power generators and batteries.

Trade finance

Trade finance is the life blood of any economy. Due to the ongoing war, Ukrainian banks face cancellations of commercial limits by international banks, and are increasingly reluctant to take on non-payment risks as the economic conditions in the country continue to deteriorate. The closure of international trade finance available to local banks and companies coincides with a much more limited access to working capital finance locally. To facilitate trade flows and keep open the channels of commerce, especially for essential goods and strategic exports, the EBRD is expanding its Trade Facilitation Programme to several Ukrainian banks.

Progress to date

A total of €18.0 million has been allocated for Trade Finance via the SSF.


Through providing short-term support to the pharmaceutical sector, EBRD financing will ensure Ukrainian hospitals and pharmacies have access to essential medicines and equipment.

Progress to date

The Bank has secured an unfunded EFSD guarantee worth of €8.9 million to support Farmak, one of the leading manufacturers of medicine, to continue its production and supply of medicines. In addition, €1.1 million have been allocated from the SSF. The Bank also supported Yuriya Pharm, another Ukrainian pharmaceutical producer, with support of the CRSF donors who agreed to allocate a €2.5 million guarantee.

Small and medium-sized enterprises

SMEs are the largest employers in Ukraine with many now facing significant disruption due to the war. The Bank is rolling out a range of support instruments through grants and first-loss risk-sharing facilities to help with issues such as business relocation, supply chain integration, start-up seed grants and capacity building.

Progress to date

Secured donor support includes a CHF11.0 million contribution from Switzerland, €5.4 million from Italy, €4.0 million from Ireland and €2.0 million from South Korea through the Bank’s Small Business Impact Fund. The US has also extended some $12.4 million for the same Fund whereas guarantees worth €10 million from the Crisis response Special Fund have helped lending to SMEs.


In Ukraine, strong governance mechanisms are supported by the Bank’s Ukraine Stabilisation and Sustainable Growth Multi-Donor Account, with a focus on policy reform and capacity building extending technical assistance to ministries, state entities and select private sector organisations.

Progress to date

The Bank is focusing on emergency support to Government ministries, including advisory work on EU accession, coordination of humanitarian aid, support on trade facilitation and technical assistance to financial institutions on payments. Switzerland has contributed CHF 3.0 million in grants to the Multi-Donor Account in addition to $10 million from the US€10 million from Austria and €2.5 million from the Netherlands.

Municipal Infrastructure

Many cities and municipal facilities have been badly affected by the war. The EBRD focuses on providing emergency liquidity financing for hard pressed municipal budgets to renew and ensure continued operations and uninterrupted provision of essential services (e.g. district heating, water and wastewater, solid waste and public transport).  This liquidity support is designed to safeguard livelihoods and essential public services for the local population and internally displaced people. 

Progress to date

The Bank has been preparing a number of projects with Ukrainian municipalities to provide emergency liquidity financing and support the rehabilitation of essential municipal infrastructure. These projects will be supported by guarantees and investment grants funded via Crises Response Special Fund.

 An EBRD emergency liquidity loan for the City of Lviv was backed by a €12.5 million CRSF guarantee funded by US. Moreover, the US also supported a public transport project in the town of Khmelnytskyi through a €5.3 million guarantee and €1.7 million investment grant, in addition to an EU-funded grant contribution of €2.75 million. Further support is forthcoming for a public transport project in Mykolayiv which will benefit from a €3.9 million investment grant from Denmark.

In addition, the Bank secured contributions from Sweden (SEK 100 million), Norway (NOK 32.5 million), Germany (€20.0 million) and Finland (€4.7 million) to the Eastern Europe Energy Efficiency and Environment Partnership (E5P) Fund that will be used as CAPEX grants for the Ukraine’s municipal infrastructure sector.

Furthermore, a new €100 million unfunded guarantee signed with Spain will be used to support the Bank’s municipal and food security projects in Ukraine, with roughly half per sector.


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