The European Bank for Reconstruction and Development (EBRD) deployed a record €2.9 billion in finance in Ukraine last year, up from €2.4 billion in 2024, showing its continued commitment to supporting the economy, the bank announced in a statement. The Bank kept a strong focus on energy support, and for the second year running, over 90 percent of projects and 57 percent of investments went to the private sector. Since Russia began its full-scale war on Ukraine in February 2022, the Bank has deployed a total of €9.1 billion in the country.
“Over the past four years of war, the EBRD has stood firmly by Ukraine—helping keep essential services running, safeguarding energy security, and supporting businesses through unprecedented pressures,” said EBRD President Odile Renaud-Basso. “We remain unwavering in that commitment and are already working with the government to lay the foundations for a resilient and sustainable reconstruction.”
The Bank will continue to provide at least €1.5 billion a year to Ukraine during wartime, with the potential for further increases once reconstruction begins. Donor support is essential for wartime delivery. Since 2022, the EBRD has mobilized €3.4 billion for Ukraine, including unfunded guarantees, with €904 million secured in 2025. The EU provided over half of all donor resources in 2025, while largest individual donors include Norway, the Netherlands, the United States, and Sweden.
In 2025, the EBRD deployed a record €1.2 billion through partner financial institutions in Ukraine, including €550 million under its Trade Facilitation Programme. The Bank also extended €504 million in portfolio risk-sharing facilities to support up to €1.6 billion of new lending through Ukrainian partner banks. Since 2022, these facilities have enabled over €2.4 billion in new lending across more than 30,000 sub-loans to Ukrainian businesses, primarily small and medium-sized enterprises.
Energy security accounted for over €1.2 billion of the Bank’s financing in 2025 and almost €3.3 billion since 2022. Russian attacks on Ukraine’s energy system have weaponized winter, leaving many Kyiv residents without heating while temperatures have plunged below -20°C in recent weeks. The EBRD’s response has been to provide major support for gas imports, decentralized generation, emergency repairs, and long-term reconstruction of the energy sector. In 2025, this included two loans to state gas company Naftogaz to replenish gas reserves ahead of winter—one for €270 million in April and one for €500 million in August, the largest ever EBRD loan to Ukraine.
