The European Bank for Reconstruction and Development (EBRD) deployed a record €2.9 billion in financing in Ukraine in 2025, up from €2.4 billion in 2024, underscoring its sustained commitment to supporting the country’s economy amid ongoing war. Since Russia’s full-scale invasion in February 2022, the Bank has deployed a total of €9.1 billion in Ukraine.
Energy security accounted for more than €1.2 billion of EBRD financing in 2025, reflecting the urgent need to stabilise Ukraine’s power system amid continued Russian attacks. Support included major loans to state gas company Naftogaz, emergency energy repairs, decentralised generation and long-term reconstruction of the energy sector.
For the second consecutive year, more than 90 per cent of projects and 57 per cent of investments were directed to the private sector. The EBRD also channelled €1.2 billion through partner financial institutions, supporting SMEs, trade finance and portfolio risk-sharing facilities that have enabled over €2.4 billion in new lending since 2022.
Donor support remained critical, with €904 million mobilised in 2025 and total donor mobilisation reaching €3.4 billion since the start of the war. The Bank has committed to providing at least €1.5 billion annually during wartime, with further increases expected once reconstruction begins.
