The EBRD in Ukraine

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Aerial drone flyby shot in Kyiv, showing the national flag of Ukraine

The EBRD has been investing in Ukraine since 1992

We confirm our unwavering support for Ukraine at this critical moment in its history. Our governors have approved a resolution to increase our paid-in capital by €4 billion to help provide significant and sustained investment for the country’s real economy. We have already deployed more than €7 billion in Ukraine since Russia’s full-scale invasion of the country in February 2022.

A Ukrainian success story: how EBRD investment is helping to improve waste and wastewater management, water supply, energy in buildings, public transport and land use in Lviv, in western Ukraine. Lviv is also part of the EBRD Green Cities family.

641

Number of projects to date

€21,675m

Cumulative EBRD investment

€13,622m

Cumulative disbursements

44%

Private sector share of portfolio

244

Number of active portfolio operations

€6,025m

Current portfolio of projects

€2,677m

Operating assets

Equity share of portfolio

13 August 1992

Joined the EBRD

240,110

Capital subscription (€000)

EBRD Governor: Sergii Marchenko
EBRD Alternate Governor: Andriy Pyshnyy
EBRD Board Director, Switzerland: Liliana de Sá Kirchknopf
EBRD Board Alternate Director: Artem Shevalev

EBRD Shareholders information

Our governors have approved a resolution to increase our paid-in capital by €4 billion to help provide significant and sustained investment for Ukraine’s real economy.

By the end of 2024, we had deployed more than €7 billion in Ukraine since Russia’s invasion of the country in February 2022.

The EBRD has also pledged to do all it can to help with the country’s reconstruction, once conditions allow.

Focus areas

Lending to Ukraine in wartime follows the core priorities set out in the EBRD’s Resilience and Livelihoods Framework: support for energy security, vital infrastructure, food security, trade and the private sector.

Approved in 2022, this framework replaced the previous EBRD country strategy for Ukraine, approved by the Board of Directors in September 2018, which had set out the Bank’s peacetime priorities in the country for the next five years. That country strategy had also paid special attention to projects that would integrate investment and policy engagement in areas such as increasing competitiveness and good governance in the public sector, energy security and efficiency, the financial sector, trade and infrastructure. A new country strategy will be formulated when conditions allow.

As well as being an EBRD country of operation, Ukraine is an EBRD donor. In 2010, Ukraine signed a €10 million contribution agreement to the Eastern Europe Energy Efficiency and Environment Partnership (E5P) Fund. The second contribution agreement for €10 million was signed in 2020.

Securing Chornobyl

How the EBRD is working to transform Chornobyl, the site of the world's worst nuclear accident.

3.3%

EBRD forecast for Ukraine’s real GDP growth in 2025

5.0%

EBRD forecast for Ukraine's real GDP growth in 2026

Real GDP growth fell from 5.3 per cent in 2023 to 2.9 per cent in 2024 due to electricity shortages, weak harvests and acute labour shortages in the economy. While agriculture, energy production, and trade declined, other sectors exhibited solid growth despite challenging conditions and the ongoing Russian war of aggression.

Businesses demonstrated resilience and adaptability, which, coupled with the well-functioning Black Sea trade corridor, led to the resumption of export growth after two years of sharp declines. External financing remained at similar levels as in 2023, fully covering the current account deficit and enabling Ukraine to maintain adequate official foreign reserves. The resurgence of inflation in the second half of 2024 was a consequence of rising electricity costs, high real wage increases and the exchange rate depreciation against the US dollar of around 10 per cent since the peg was lifted in October 2023.

Inflation stood at 14.6 per cent in March 2025 and is expected to stay elevated in the first half of 2025 but should fall to single digits by year-end. The National Bank of Ukraine responded by raising the policy rate by a cumulative 250 basis points since December 2024, reaching 15.5 per cent in early March 2025.

Stable external financing from the EU under Ukraine's Facility and revenue from Russian frozen assets provided by the G7 countries will fully cover external and fiscal deficits in 2025, underpinning macroeconomic stability. The strong stimulus from public consumption and increasing military purchases from domestic industry are expected to support economic growth. However, the recent global trade frictions added additional downside risks to already high uncertainty related to the ongoing Russian war of aggression. Therefore, the real GDP growth forecast has been revised down to 3.3 per cent in 2025. At the same time, the real GDP growth forecast for 2026 is unchanged at 5 per cent, assuming a cessation of hostilities and benefits from post-war reconstruction.

Contact the EBRD in Ukraine

Head of Office: Arvid Tuerkner

Telephone:

+380442771160

Email:

kyiv@ebrd.com

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The EBRD in Ukraine

A Ukrainian success story: how EBRD investment is helping to improve waste and wastewater management, water supply, energy in buildings, public transport and land use in Lviv, in western Ukraine. Lviv is also part of the EBRD Green Cities family.

Focus areas

Securing Chornobyl

Contact the EBRD in Ukraine

The EBRD in Ukraine

A Ukrainian success story: how EBRD investment is helping to improve waste and wastewater management, water supply, energy in buildings, public transport and land use in Lviv, in western Ukraine. Lviv is also part of the EBRD Green Cities family.

Focus areas

Securing Chornobyl

EU and UK make contributions to EBRD-managed Chornobyl ICCA fund

Boosting Ukraine’s agribusiness sector resilience via investment loan

EBRD and EU help Ukrainian food producer to introduce critical upgrades

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