The European Bank for Reconstruction and Development (EBRD) delivered a record €2.9 billion in financing to Ukraine in 2025, an increase from €2.4 billion in 2024. This reflects the Bank’s ongoing commitment to supporting the Ukrainian economy during wartime. A major share of this support continued to focus on strengthening the country’s energy sector. For the second year in a row, more than 90 per cent of projects and 57 per cent of total investment were directed to the private sector. Since the start of Russia’s full-scale invasion in February 2022, the EBRD has deployed a total of €9.1 billion for Ukraine. The term “deployed” includes not only the EBRD’s own financing but also additional wartime support such as donor grants and trade facilitation funding.
In 2025 alone, this included €600 million in donor contributions and trade finance, along with €2.3 billion in core EBRD investments — the highest amount to date. EBRD President Odile Renaud-Basso stated that the Bank has remained a steady partner for Ukraine throughout the last four years of conflict, helping maintain essential services, strengthening energy security, and supporting businesses under extraordinary pressure. She noted that the Bank is already cooperating with the Ukrainian government to lay the groundwork for a resilient and sustainable reconstruction in the future.
The EBRD plans to continue providing at least €1.5 billion per year to Ukraine for as long as the war lasts, with the possibility of further increases once reconstruction begins. This long-term support is backed by a €4 billion paid-in capital increase agreed in 2023, which is now 95 per cent subscribed, ensuring the Bank has the resources needed to maintain its level of assistance. Donor support remains vital. Since 2022, the EBRD has mobilised €3.4 billion in Ukraine, including unfunded guarantees, with €904 million secured in 2025 alone. Multidonor funds contributed an additional €20 million. Major contributors include Norway, the Netherlands, the United States, Sweden, and the European Union, which provided over half of all donor resources in 2025. Since the start of the war, the EU, Norway, the United States, France, and the Netherlands have been the largest overall donors.
In 2025, the EBRD deployed €1.2 billion through partner financial institutions across Ukraine, including €550 million under its Trade Facilitation Programme. The Bank also extended €504 million in portfolio risk-sharing facilities, supporting up to €1.6 billion in new lending through Ukrainian banks. Since 2022, these programmes have enabled more than €2.4 billion in new lending across over 30,000 sub-loans, primarily supporting small and medium-sized enterprises. The EBRD remains the largest provider of portfolio risk-sharing in Ukraine outside government initiatives.
Supporting skills development and employment remains a priority for the Bank, particularly through initiatives for veterans. This work has helped partner banks develop tailored lending programmes for veterans and veteran-led businesses. In 2025, 111 sub-loans worth €12.2 million were provided under the Bank’s veteran reintegration financing windows. Energy security remained the Bank’s largest investment area, accounting for more than €1.2 billion of financing in 2025 and nearly €3.3 billion in 2022. This support is crucial as Russia continues targeting Ukraine’s energy infrastructure, leaving many regions without heating in extremely low temperatures. The EBRD’s response has included assistance for gas imports, decentralised generation, emergency repairs, and long-term rebuilding of the energy sector.
Specific efforts in 2025 included two major loans to Naftogaz to strengthen gas reserves for winter — €270 million in April supported by a €139 million grant from Norway, followed by a €500 million loan in August with an EU guarantee and an €80.5 million Norwegian grant. The August loan represents the largest single EBRD loan to Ukraine. Additional energy-sector support included €60 million for an international financing package for private wind farms by GalNaftoGaz/OKKO Group, €160 million to Ukrnafta for small-scale distributed power and co-generation capacity, and €22.3 million to Power One for peaking generation and battery storage systems.
The EBRD also expanded its cooperation with Chornobyl-related donors after a Russian drone attack on the site in February 2025, securing €60 million from France, the EU, and the United Kingdom to restore the New Safe Confinement structure. The Bank has supported the Chornobyl site since 1995, ensuring its safety and long-term management. Beyond the energy sector, the EBRD financed key projects supporting infrastructure, essential services, and private-sector resilience. Cities including Lviv, Dnipro, Kharkiv, Mykolaiv, and Cherkasy received around €100 million in loans and grants for urgent needs such as public transport, wastewater management, district heating, and energy resilience upgrades.
A €50 million loan to Nova Post, backed by an EU guarantee, will help expand employment opportunities for underserved groups, including people with disabilities, through improved accessibility. In agribusiness, the Bank provided an €11 million loan to Karpaty Mineral Water Group and a US$25 million loan to VARUS Group, partially covered by an EU guarantee, helping support food security during wartime. Alongside its financial support, the EBRD remains active in advancing Ukraine’s reform agenda and strengthening institutional readiness for future reconstruction. This includes work on corporate governance reform, and assistance to the government in preparing for large-scale reconstruction financing through the Ukraine FIRST initiative launched in 2025.
The Bank is also collaborating with Ukrainian partners to develop a modern capital markets infrastructure, aiming to create an integrated system combining trading, clearing, settlement, and custody services. This will help make Ukraine’s capital markets more efficient, more transparent, and more attractive to international investors. Across all its regions, the EBRD reached a record Annual Bank Investment of €16.8 billion in 2025, slightly higher than the €16.6 billion recorded in 2024. The Bank’s full financial results will be published in the spring.
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