At the Ukraine Recovery Conference (URC) in Rome on July 10–11, Ukrainian banks signed a record €1.5 billion ($1.74 billion) in agreements with foreign partners.
Ukraine’s state-owned banks – PrivatBank, Ukrgasbank, Ukreximbank, Oschadbank, – were among the active signers, but private banks with foreign capital also signed funding: Credit Agricole Ukraine, Bank Lviv, Piraeus Bank, and Kredobank.
On Wednesday, Ukraine’s central bank, the National Bank of Ukraine (NBU), released the banking sector’s overall results from the URC, following the key international conference aimed at mobilizing recovery efforts for the country’s war-torn economy.
“This proves that the Ukrainian banking system is in a good condition, and that it is trusted and considered a powerful instrument to support the Ukrainian economy. After all, all these funds will be used to lend to Ukrainian businesses, finance social initiatives, develop municipalities, improve energy efficiency of communities, and more,” NBU governor Andriy Pyshny is cited as saying in a press release.
The European Bank of Reconstruction and Development (EBRD) was an active participant on the other side, as the bank signed more deals under its risk-sharing facility, already popular in Ukraine since Russia`s full-scale invasion.
Ukraine’s largest state-owned lender, PrivatBank, the largest in the country, signed a credit line agreement with the EBRD to partially cover credit risks on new sub-loans.
The EBRD’s guarantee of €185 million ($214.6 million) will unlock record financing and enable Ukrainian businesses to receive up to €600 million ($696 million) in new loans. PrivatBank already called it a “record” deal for the bank, according to its Facebook post.
Ukraine’s state-owned bank, Ukrgasbank, which specializes in energy, also signed another package of risk-sharing facilities with the EBRD. A €89.2 million ($103.47 million) guarantee will unlock up to €300 million ($348 million) in new loans.
Ukrgasbank concluded three more agreements with the European Investment Bank (EIB), which, together with the European Commission, launched a new financial package of €600 million ($696 million) to support Ukraine. The funds will be used for Ukraine’s recovery, with a focus on energy, infrastructure, and private sector development. Most of the financing will come in the form of EIB loans backed by EU guarantees.
A €70 million ($81.2 million) credit line will be used by Ukrgasbank to finance Ukrainian small and medium-sized enterprises (SMEs). A special emphasis will be placed on supporting green investments, which is in line with Ukrgasbank’s long-term strategy as the country’s leading eco-bank.
This financing is further strengthened by a €31.25 million ($36.25 million) portfolio guarantee, which will significantly increase the bank’s ability to lend and raise critical capital for the private sector.
Another €50 million ($58 million) loan will be provided by the EIB to Ukrgasbank to finance municipalities to invest in modern decentralized heat generation, integration of renewable energy sources, and significant energy efficiency improvements in public buildings.
Ukraine’s state-owned bank Ukreximbank signed a letter of intent to conclude a financial agreement worth €100 million ($116 million) with the EIB under the Economic Resilience Support Program II project. The goal of the Program is to increase private businesses’ access to long-term financing for investment projects and working capital needs of SMEs and mid-cap companies.
Ukraine’s state-owned Oschadbank signed a financial agreement with the EIB to receive a €50 million ($58 million) credit line under the Ukrainian Investment Program, which is part of the Ukraine Facility. The purpose is to ensure that Ukrainian municipalities, utility companies, and public authorities have access to long-term financing for critical heating and energy efficiency projects.
Oschadbank also attracted financing from the Ukraine-Moldova American Enterprise Fund for the second wave of the Create grant program for women for the total amount of €1 million ($1.16 million) to support female entrepreneurs in the manufacturing sector. The program was launched by the Ministry of Economy of Ukraine and Ukraine-Moldova American Enterprise Fund in 2024. The initiative is being implemented by KSE Foundation in partnership with Aurora multimarket chain and Oschadbank. The second phase of the program started in 2025.
French-owned subsidiary Credit Agricole Ukraine signed a €100 million ($116 million) risk-sharing agreement with the International Finance Corporation (IFC) to increase lending to medium and large businesses in various sectors of the economy, such as agribusiness, manufacturing, energy, and logistics, as well as to support Ukraine’s energy security.
Ukraine’s private Bank Lviv agreed with the EIB on a €60 million ($69.6 million) loan to finance SMEs and a guarantee agreement that will unlock even more financing for small Ukrainian businesses. A loan agreement has been announced with the Council of Europe Development Bank (CEB) to support jobs creation.
With Ukraine’s Ministry of Foreign Affairs, Bank Lviv also signed a letter of intent with the Belgian government and Belgian company BIO Invest to conclude a €5 million ($5.8 million) agreement to support SMEs in Ukraine.
Ukraine’s private Kredobank and Piraeus Bank signed letters of intent with the EIB for guarantee agreements of €30 million [$34.8 million] to support the portfolio of new SME loans. Such guarantees open up new opportunities for Ukrainian banks to lend to SMEs, particularly in the area of sustainable development and green investments.
Ukraine’s Business Development Fund (BDF) signed a grant agreement with the German development bank KfW for €40.5 million ($46.98 million) as part of the SME Resilience Facility project. The project will focus on supporting the resilience of entrepreneurs from the de-occupied and war-affected areas, where lending risk is the highest.
This financing will become the BDF’s new program, which will be combined with the state’s concessional financing program “Affordable Loans 5-7-9%” to support businesses that, despite the challenges of war, continue to work, create jobs, and rebuild their communities. The project will be implemented in partnership with the Ministry of Finance of Ukraine and partner banks.
URC 2025 has become one of the largest recovery conferences since 2022, both in terms of the number of participants and the number of deals. The conference brought together more than 30 state leaders, a total of more than 6,000 participants from 70 countries and 43 international organizations, hundreds of companies from different countries, political and public leaders, and more than 500 media representatives. As a result of the URC, 200 various arrangements (agreements and memoranda) were signed for a total of about €13 billion ($15.08 billion).