EBRD 2025 finance for Ukraine rises to record EUR 2.9 bln

The European Bank for Reconstruction and Development (EBRD) has set funding records for Ukraine for the second consecutive year: in 2025, it allocated EUR 2.9 billion, compared with EUR 2.4 billion in 2024, the bank said in a press release on Thursday.

"Energy security made up over EUR 1.2 billion of EBRD Ukraine financing in 2025… 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 said.

According to the release, in 2025, the EBRD deployed a record EUR 1.2 billion through partner financial institutions (PFIs) in Ukraine, including EUR 550 million under its Trade Facilitation Programme.

The bank also extended EUR 504 million in portfolio risk-sharing facilities to support up to EUR 1.6 billion of new lending through Ukrainian PFIs.

Since 2022, these facilities have enabled over EUR 2.4 billion in new lending across more than 30,000 sub-loans to Ukrainian businesses, primarily small and medium-sized enterprises (SMEs).

Central to the EBRD’s mission to support the development of skills and employment in Ukraine has been support for veterans in the banking sector. This has enabled partner financial institutions to develop dedicated lending products that mobilise finance for veterans and veteran-run businesses.

As EBRD First Vice President Gregory Guyett, who was visiting Kyiv this week, told journalists, workforce issues and the quality of personnel currently appear to be the most critical challenge for companies, even more pressing than securing electricity supply.

In 2025, under existing veteran reintegration financing windows with partner banks, the EBRD supported 111 sub-loans for a total amount of EUR 12.2 million.

The EBRD has been the largest portfolio risk-sharing provider in Ukraine outside government programmes.

The EBRD emphasized that "deployed" finance includes additional forms of financing for wartime Ukraine beyond the EBRD’s own investments. In 2025, these comprised substantial donor grants and trade financing worth EUR 600 million, as well as EBRD core investments of a record EUR 2.3 billion.

According to the release, Since Russia began its full-scale war on Ukraine in February 2022, the Bank has deployed a total of EUR 9.1 billion in the country, including almost EUR 3.3 billion for energy security.

Since 2022, the EBRD has mobilised EUR 3.4 billion for Ukraine, including unfunded guarantees, with EUR 904 million secured in 2025.

A further EUR 20 million was mobilised through multidonor funds, enabling investment in various projects across the country, the EBRD said.

"We remain unwavering in that commitment and are already working with the government to lay the foundations for a resilient and sustainable reconstruction," EBRD President Odile Renaud-Basso was quoted as saying in the release.

According to the statement, The Bank will continue to provide at least EUR 1.5 billion a year to Ukraine during wartime, with the potential for further increases once reconstruction begins. These intentions are underpinned by a 2023 agreement to increase the EBRD’s paid-in capital by EUR 4 billion, sustaining the provision of support for Ukraine. The capital increase has now been 95 per cent subscribed.

The release also notes that, beyond financing, the EBRD continues to support Ukraine’s reform agenda and reconstruction readiness. To this end, the bank is participating in project preparation, including the multinational Ukraine FIRST initiative announced in 2025, which aims to accelerate the restoration of Ukraine’s critical infrastructure by streamlining and coordinating the preparation of large-scale projects.

Across all the EBRD’s regions, Annual Bank Investment rose to a record EUR 16.8 billion in 2025 from EUR 16.6 billion in 2024. The Bank’s full financial results are expected to be announced in spring.

The EBRD was established in 1991. According to data as of the end of 2024, over the course of its operations the financial institution has approved 624 projects for Ukraine totaling EUR 22.15 billion, of which EUR 14.14 billion has been disbursed. As of the end of 2024, its current portfolio comprised 241 projects worth EUR 6.13 billion.