In 2025, the European Bank for Reconstruction and Development (EBRD) achieved a record level of investment, putting €16.8 billion into projects across its regions and expanding into new territories with its first-ever projects in sub-Saharan Africa and Iraq. Over the course of the year, the Bank financed 640 projects, with 75 per cent of the total investment, or €12.7 billion, directed to the private sector.
EBRD President Odile Renaud-Basso reflected on the Bank’s performance, saying that 2025 had been a year of both challenges and notable accomplishments. She emphasized that the Bank had provided unprecedented support to Ukraine while promoting private-sector growth, improving competitiveness, and supporting economic development across its regions. The Bank’s entry into sub-Saharan Africa and Iraq marked an important milestone, extending its reach to new markets.
The previous year, 2024, had already seen record investments of €16.6 billion, with significant contributions to private-sector development, green initiatives, and human capital projects. While most regions experienced economic growth in 2025, several economies continued to face high public debt and substantial government interest payments. Despite these challenges, the Bank remained focused on its strategic priorities.
A total of €9.4 billion, representing 56 per cent of all investments, was allocated to projects supporting the green transition, while 47 per cent of projects advanced opportunities for women. Equity investments accounted for six per cent of the total, and the Bank’s annual mobilisation of funds reached €5.7 billion, contributing to a total mobilisation of €26.8 billion. Disbursements reached a record €11.5 billion, surpassing the €10.6 billion disbursed in 2024.
A major focus in 2025 was EBRD’s support for Ukraine, with €2.9 billion deployed to finance critical infrastructure, energy security, and private-sector initiatives. Among the most significant projects was a €770 million financing package to Naftogaz, including a €500 million loan to help replenish gas reserves ahead of winter, marking the largest loan ever provided by the Bank to Ukraine. Other important projects included a €300 million financing package for the state-owned railway operator, portfolio risk-sharing facilities for Ukreximbank unlocking €200 million in new lending, and a €100 million loan facility to support the development of a scalable and affordable housing platform.
The Bank also made historic first investments in new regions. In sub-Saharan Africa, it provided a €30 million sovereign loan to Benin’s national power distribution company, supporting rural electrification. In Iraq, the Bank offered a US$100 million trade finance facility to the National Bank of Iraq, the country’s largest private bank, to boost import and export activities. In addition, the Bank partnered with the European Union to launch a financing facility aimed at strengthening the private sector in the West Bank.
In 2025, the EBRD mobilised nearly €1.9 billion in new donor funds, including unfunded guarantees, with over €859 million allocated to projects in Ukraine. The European Union contributed 55 per cent of all donor resources. Shareholders also approved the Bank’s Strategic and Capital Framework for 2026–2030, setting out priorities that include continued support for Ukraine during wartime and post-war reconstruction, advancing the green transition, strengthening economic governance, and promoting human capital development.
The adoption of revised governance rules by Ukraine for public companies, developed with EBRD support, illustrates the Bank’s commitment to improving economic governance. The EBRD’s detailed performance in individual regions will be released later this month, while the overall financial results for 2025 are expected to be published in spring.
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