EBRD office in London (Photo: Depositphotos)

The European Bank for Reconstruction and Development (EBRD), Ukraine’s largest institutional investor, deployed a record €2.9 billion in financing to the country’s economy in 2025 — 20 per cent more than the previous high recorded in 2024. The Bank reported this on its website on Thursday, February 5.

The figure for "deployed finance" includes not only the EBRD’s own core investments of €2.3 billion, but also additional support instruments such as donor grants and trade finance amounting to €600 million.

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For the second year in a row, more than 90 per cent of EBRD projects in Ukraine and 57 per cent of total investments were directed to the private sector.

Energy security remained a key priority for the Bank. "Russia’s attacks on Ukraine’s energy system have effectively turned winter into a weapon, leaving many Kyiv residents without heating as temperatures dropped below minus 20 degrees Celsius in recent weeks," the EBRD said. "Our response has focused on large-scale support for gas imports, decentralised generation, emergency repairs and the long-term recovery of the energy sector."

In 2025, the EBRD provided two loans to Naftogaz of Ukraine to replenish gas reserves ahead of winter: €270 million in April, complemented by a €139 million grant from Norway, and €500 million in August, supported by an EU guarantee and an additional Norwegian grant of approximately €80.5 million. The August loan was the largest EBRD loan ever extended to Ukraine.

Within the energy sector, the Bank also provided €60 million as part of an international financing package to support the development of private wind farms built by Galnaftogaz/OKKO Group. It lent €160 million to oil and gas producer Ukrnafta to install small-scale gas-fired generation and cogeneration capacity across the country, and €22.3 million to private company Power One for new peaking generation capacity and battery energy storage systems.

Outside the energy sector, the EBRD supported the private sector and the provision of essential services through major projects in infrastructure, finance and housing. Beneficiaries included postal and courier operator Nova Post, Karpaty Mineral Water Group and food retailer VARUS Group.

  • Since the start of Russia’s full-scale invasion in February 2022, the EBRD has deployed a total of €9.1 billion in financing in Ukraine.