The European Bank for Reconstruction and Development has set records for financing Ukraine for the second year in a row: in 2025, it amounted to EUR2.9 billion after EUR2.4 billion in 2024, according to a press release from the bank on Thursday.
“Energy security accounted for more than €1.2 billion of EBRD financing to Ukraine in 2025… And for the second year in a row, more than 90% of projects and 57% of its investments were directed to the private sector,” the information notes.
According to the press release, in 2025, the EBRD allocated a record EUR 1.2 billion through partner financial institutions in Ukraine, including EUR 550 million under the Trade Facilitation Program.
The bank also provided EUR 504 million under portfolio risk-sharing programs, which provided new lending by Ukrainian partner financial institutions in the amount of up to EUR 1.6 billion.
In total, since 2022, these programs have enabled more than EUR 2.4 billion in new lending through 30,000 sub-loans to Ukrainian businesses, mainly small and medium-sized enterprises (SMEs).
In addition, the bank has focused on supporting skills development and employment in Ukraine, enabling partner financial institutions to develop specialized lending products that mobilize financing for veterans and veteran-owned businesses.
As EBRD First Vice President Gregory Hayett, who was visiting Kyiv this week, told reporters, the issue of personnel and their quality currently appears to be the most important for companies, even more so than ensuring their electricity supply.
In 2025, as part of programs with partner banks, the EBRD supported 111 sub-loans totaling EUR 12.2 million for the reintegration of veterans.
According to EBRD calculations, it is the largest provider of risk-sharing services for loan portfolios outside of government programs.
The EBRD stressed that the increase in funding for Ukraine was made possible by additional forms of financing and assistance from partners. In 2025, this included significant donor grants and trade financing amounting to EUR 600 million, while the EBRD’s core investments reached a record EUR 2.3 billion.
According to the release, since the start of Russia’s full-scale war against Ukraine in February 2022, the bank has allocated EUR 9.1 billion to the country, including nearly EUR 3.3 billion for energy security.
During this time, the EBRD mobilized EUR 3.4 billion in donor funds for Ukraine, including unfunded guarantees, of which EUR 904 million in secured financing was signed in 2025.
An additional EUR 20 million was mobilized in 2025 through multilateral donor funds, enabling investment in a variety of projects across the country, the EBRD noted.
“We will continue to support Ukraine and are already working with the government to lay the groundwork for reconstruction,” EBRD President Odile Renaud-Basso said in the release.
According to him, the bank will continue to provide Ukraine with at least EUR 1.5 billion per year during the war, with the possibility of further increases once reconstruction begins. These intentions are backed by a 2023 agreement to increase the EBRD’s paid-in capital by EUR 4 billion, which provides support to Ukraine. The capital increase has already been 95% completed.
The release also notes that, in addition to financing, the EBRD continues to support Ukraine’s reform efforts and preparations for the effective absorption of the huge amount of financing that the recovery is expected to bring. To this end, the bank is involved in project preparation, including the multinational Ukraine FIRST initiative announced in 2025, which aims to accelerate the restoration of Ukraine’s critical infrastructure by optimising and coordinating the preparation of large-scale projects.
Overall, in 2025, the bank’s annual investments in all EBRD regions increased to EUR16.8 billion, also a record, from EUR16.6 billion in 2024. The bank’s full financial results are expected to be announced in the spring.
The EBRD was established in 1991. According to data at the end of 2024, during its operation, the financial institution approved 624 projects for Ukraine worth EUR22.15 billion, of which EUR14.14 billion was disbursed. The current portfolio at the end of 2024 consisted of 241 projects worth EUR6.13 billion.
