BAKU, Azerbaijan, Feb.5. The European Bank for Reconstruction and Development (EBRD) deployed a record €2.9 billion of finance in Ukraine in 2025, up from €2.4 billion in 2024, underscoring its ongoing support for the country amid wartime conditions. Over 90% of projects and 57% of investments were in the private sector for the second year running, Trend reports with reference to the Bank.
Since the outbreak of the war in February 2022, the EBRD has mobilized a total of €9.1 billion for Ukraine, including €600 million in donor grants and trade financing, alongside €2.3 billion in core investments in 2025 alone. The Bank plans to continue providing at least €1.5 billion per year during the conflict, with potential increases once reconstruction begins, supported by a 2023 €4 billion paid-in capital increase, now 95% subscribed.
Donor funding has been critical to wartime operations, with €904 million mobilized in 2025, including €20 million through multidonor funds. Key donors include Norway, the Netherlands, the United States, Sweden, and the EU, which provided over half of all donor resources in 2025.
The Bank deployed €1.2 billion through partner financial institutions (PFIs), including €550 million via the Trade Facilitation Program, and extended €504 million in portfolio risk-sharing facilities to support up to €1.6 billion in new SME lending. Since 2022, these facilities have enabled over 30,000 sub-loans for small and medium-sized enterprises, making the EBRD the largest provider of portfolio risk-sharing in Ukraine outside government programms. Special financing windows also supported veterans in the banking sector, with 111 sub-loans totaling €12.2 million in 2025.
Energy security remained a top priority, accounting for over €1.2 billion in 2025 and nearly €3.3 billion since 2022. The Bank provided support for gas imports, emergency repairs, and long-term reconstruction, including two loans to Naftogaz (€270 million in April and €500 million in August), complemented by EU guarantees and Norwegian grants. Additional energy projects included private wind farms, small-scale gas-fired generation, and battery storage systems.
The EBRD also supported Ukraine’s Chornobyl site following a Russian drone attack in February 2025, mobilizing €60 million from France, the EU, and the United Kingdom to restore the New Safe Confinement structure.
Beyond energy, the Bank funded infrastructure, financial services, housing, and agribusiness projects, including €100 million for public transport, wastewater, and district heating in Lviv, Dnipro, Kharkiv, Mykolaiv, and Cherkasy, a €50 million loan to Nova Post for accessible jobs, and agribusiness loans to Karpaty Mineral Water Group (€11 million) and VARUS Group (US$25 million).
The EBRD is also supporting Ukraine’s reform and reconstruction readiness, including corporate governance reform, institutional capacity building for reconstruction financing, and capital markets development via the Ukraine FIRST initiative.
Across all regions, the EBRD’s annual investment reached a record €16.8 billion in 2025, up from €16.6 billion in 2024.