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.
The European Bank for Reconstruction and Development (EBRD) has approved the New Horizons technical cooperation program aimed at stimulating innovative investments in Ukraine’s agri-food system, the bank’s press service reported.
The project is expected to become a key tool for restoring the national economy and accelerating the European integration of agribusiness, the EBRD noted.
According to the project description, the program is focused on supporting businesses that implement advanced technologies in food production and agriculture.
The key areas of the New Horizons program are stimulating investment based on a combination of industry analytics and mapping opportunities for informed investment decisions; supporting high-potential segments by supporting areas such as alternative protein production and sustainable intensive agricultural production.
In addition, the project aims to establish international cooperation, in particular between Ukrainian businesses and leading international research and development (R&D) institutions, to strengthen innovation potential. It is expected that selected Ukrainian enterprises will be provided with audit and innovation screening services to identify opportunities for modernizing their business processes.
The program also includes a review of the Ukrainian agrotech sector’s compliance with EU requirements for food safety, sustainable development, and digital trade standards.
The research results and innovation opportunities will be presented to Ukrainian companies during a special knowledge-sharing event that will bring together technology developers, startups, and large agribusinesses.
The EBRD is the largest institutional investor in Ukraine. Since the start of Russia’s full-scale invasion in 2022, the bank has directed more than EUR 8.5 billion to the country to support energy security, critical infrastructure, food security, trade, and the private sector.
The European Bank for Reconstruction and Development (EBRD) has granted another loan of up to $200 million to the Kryvyi Rih Mining and Metallurgical Plant PJSC ArcelorMittal Kryvyi Rih (AMKR, Dnipropetrovsk region) to replenish working capital for the plant’s operations.
According to the EBRD, a senior loan of up to $200 million has been granted to the Ukrainian joint-stock company AMKR, whose controlling stake is owned by the ArcelorMittal group.
It is specified that the loan was approved on December 3, 2025.
It is noted that the loan will be used to finance the company’s working capital needs to ensure continuity of operations in Ukraine when operations are affected by the war. The project will expand access to market-relevant training and employment opportunities for veterans and people with disabilities in line with the company’s priorities for human capital recovery.
It is also added that the Bank is providing financing in the extraordinary circumstances caused by the war in Ukraine, with a unique set of terms, attributes, and provisions. The project is also gender-additive in line with new commitments to expand access to training for young women through AMCR’s flagship New Factory initiative on youth inclusion.
As reported, on November 26, 2025, the AMCR Supervisory Board approved a significant transaction—a loan from the EBRD.
At the same time, the market value of the property or services that are the subject of the transaction is determined in accordance with the law – no more than $200 million (8480300 thousand UAH at the NBU exchange rate as of 11/26/2025); the value of the issuer’s assets, according to the latest annual financial statements, is UAH 51,725,655 thousand; The ratio of the market value of the property or services that are the subject of the transaction to the value of the issuer’s assets, according to the latest annual financial statements (in percent) – 16.3947658082%.
ArcelorMittal Kryvyi Rih is the largest producer of rolled steel in Ukraine. It specializes in the production of long products, in particular, rebar and wire rod. The company has a full production cycle, with production capacities designed for an annual output of over 6 million tons of steel, more than 5 million tons of rolled products, and over 5.5 million tons of pig iron.
ArcelorMittal owns Ukraine’s largest mining and metallurgical complex, ArcelorMittal Kryvyi Rih, and a number of small companies, including ArcelorMittal Beryslav.
The European Bank for Reconstruction and Development (EBRD) and one of the European countries will provide Ukraine with EUR85 million for the purchase of additional gas volumes, First Deputy Prime Minister of Energy Denys Shmyhal said.
“EUR 85 million through EBRD instruments for the purchase of additional gas volumes for Ukraine. Work on obtaining the relevant grant from one of the European countries is already being completed,” Shmyhal wrote on Telegram on Tuesday.
He noted that this was discussed during an online conversation with EBRD President Odile Renaud-Basso.
“We are grateful to our partners for this! We will continue to work together to find additional sources of funding,” the head of the Ministry of Energy emphasized.
According to him, it is also extremely necessary to continue financial support from the EBRD to Ukrenergo and Ukrhydroenergo, as this helps to provide repairs, equipment, and implement new solutions so that people have light and heat.
The European Bank for Reconstruction and Development (EBRD) has signed an agreement with PJSC Ukrhydroenergo to provide a €75 million loan to finance the project “Modernization and restoration of hydroelectric power plant generation facilities,” the company said.
“The loan financing is supported by a European Union guarantee under the Ukraine Investment Framework, an instrument for mobilizing financing for Ukraine’s recovery and long-term growth,” the company said in a statement on its Telegram channel on Thursday.
According to the statement, the financing package also includes investment grants from international donors amounting to EUR 20 million.
“The estimated total cost of the project, including Ukrhydroenergo’s own contribution, is approximately EUR 120 million,” the company concluded.
According to the chairman of the supervisory board, Valentin Gvozdiy, attracting EBRD financing under the EU guarantee is an important confirmation of the confidence of international partners in Ukrhydroenergo and the quality of the company’s corporate governance.
“The project will strengthen the reliability of hydroelectric power plants and, accordingly, the stability of Ukraine’s energy system,” he said.
As noted in the statement, the project funds are planned to be used, in particular, to purchase critically needed equipment for certain hydroelectric power plants of the company, such as hydraulic power equipment damaged as a result of Russia’s military aggression, hydromechanical equipment for modernization, and equipment for responding to emergencies in conditions of martial law (emergency assistance mechanism).
As noted by Bogdan Sukhetsky, acting director general of Ukrhydroenergo, the funding will enable the timely purchase and implementation of critically needed equipment, as well as the creation of a reserve for rapid response to emergencies.
“The availability of these funds is important for maintaining the continuous operation of the enterprise and fulfilling production tasks in difficult conditions,” he stressed.
The project also includes programs to improve the qualifications of engineering personnel, enhance ESG practices, and prepare an action plan for gender equality. The project is scheduled for completion in 2030.
The European Bank for Reconstruction and Development (EBRD) is providing OTP Leasing with an unsecured loan in local currency equivalent to up to EUR 20 million to support micro, small and medium-sized enterprises (MSMEs) affected by the Russian Federation’s war against Ukraine.
“The financing will help strengthen the competitiveness, resilience, and inclusiveness of Ukrainian MSMEs by expanding access to leasing products in conditions of liquidity shortages and heightened economic uncertainty,” the bank said in a statement on Wednesday following the signing of the necessary documents.
It is noted that 50% of the loan funds are planned to be directed to MSMEs for long-term investments in technologies that meet European Union (EU) standards, in particular “green” technologies, and the financing should enable enterprises to obtain transport, equipment, and machinery without significant initial capital expenditures at a time when liquidity remains limited due to war factors.
Upon completion of the investment projects, borrowers who meet the program criteria will receive EU-funded technical assistance and US-funded investment incentives under the EU4Business initiative.
Additional grants are available for businesses that have suffered destruction, loss of assets, or forced displacement, as well as for companies that promote the reintegration of veterans, persons with disabilities, and IDPs, and for MSMEs that have relocated or operate in affected regions, with support also extending to businesses led by women and young people.
The loan will be supported by an interest rate subsidy of up to 10% from the US through the EBRD’s SME Special Fund.
According to the EBRD, the company is its current client and a leading leasing company in Ukraine, providing financial leasing and fleet management services to corporate clients and MSMEs throughout the country.
Since the start of Russia’s full-scale war against Ukraine, the EBRD has raised more than EUR 9.1 billion for Ukraine, including EUR 3.3 billion through partner financial institutions.
OTP Leasing is a non-bank financial institution subsidiary of Hungary’s OTP Bank, which has been working with the EBRD for many years.
In the third quarter of 2025, the company’s revenue increased by 7.3% compared to the third quarter of 2024, to UAH 1 billion 242.3 million, while net profit almost doubled, to UAH 808.0 million.
EBRD, FINANCING, LOAN, OTP LEASING, SMES
