The European Bank for Reconstruction and Development (EBRD) set financing records for Ukraine for the second year in a row: in 2025 it provided €2.9 billion, up from €2.4 billion in 2024, according to a bank press release on Thursday.
“Energy security accounted for over €1.2 billion of its financing in 2025 and almost €3.3 billion since 2022. And, for the second year running, over 90 per cent of projects and 57 per cent of its investments were in the private sector,” the statement says.
According to the release, in 2025 the EBRD allocated a record €1.2 billion through partner financial institutions in Ukraine, including €550 million under the Trade Facilitation Programme.
The bank also provided €504 million under portfolio risk-sharing programmes, which enabled new lending by Ukrainian partner financial institutions of up to €1.6 billion.
Since 2022, these programmes have allowed over €2.4 billion in new lending through 30,000 subloans to Ukrainian enterprises, mostly small and medium-sized enterprises (SMEs).
Additionally, the bank focused on skills development and employment in Ukraine, enabling partner financial institutions to design specialized credit products mobilizing funding for veterans and veteran-led businesses.
As the EBRD’s First Vice President Gregory Hayett, who visited Kyiv this week, told journalists, the issue of human resources and their quality now appears more critical for companies than even electricity supply.
In 2025, under programmes with partner banks, the EBRD supported 111 subloans totaling €12.2 million for veteran reintegration.
According to EBRD calculations, the bank is the largest provider of portfolio risk-sharing services outside of state programmes.
The EBRD emphasized that the increase in financing for Ukraine was made possible through additional instruments and partner support. In 2025, this included significant donor grants and trade financing totaling €600 million, while the bank’s core investments reached a record €2.3 billion.
Since the full-scale Russian invasion of Ukraine in February 2022, the bank has provided €9.1 billion to the country, including nearly €3.3 billion for energy security.
During this period, the EBRD mobilized €3.4 billion in donor funds for Ukraine, including unfunded guarantees, of which €904 million in guaranteed financing was signed in 2025.
An additional €20 million was mobilized in 2025 through multilateral donor funds, allowing investment in various projects across the country, the EBRD noted.
“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. We remain unwavering in that commitment and are already working with the government to lay the foundations for a resilient and sustainable reconstruction,” said EBRD President Odile Renaud-Basso in the release.
According to her, the bank will continue to provide Ukraine with at least €1.5 billion per year during the war, with the possibility of further increases after reconstruction begins. These intentions are backed by the 2023 agreement to increase the EBRD’s paid-in capital by €4 billion, which ensures support for Ukraine. Capital increases have already been completed at 95%.
The release also notes that in addition to financing, the EBRD continues to support Ukraine’s reform efforts and preparation for effective absorption of the massive funding expected from reconstruction. For this purpose, the bank participates in project preparation, including the multinational initiative Ukraine FIRST, announced in 2025, aimed at accelerating the restoration of Ukraine’s critical infrastructure by optimizing and coordinating large-scale project preparation.
Overall, in 2025, the bank’s annual investments across all regions rose to €16.8 billion, also a record, up from €16.6 billion in 2024. Full financial results are expected to be announced in the spring.
The EBRD was founded in 1991. According to data at the end of 2024, since its inception the bank approved 624 projects for Ukraine totaling €22.15 billion, of which €14.14 billion was disbursed. The current portfolio at the end of 2024 included 241 projects totaling €6.13 billion.
