The European Bank for Reconstruction and Development (EBRD) deployed a record €2.9 billion ($3.13 billion) in finance in Ukraine in 2025, up from €2.4 billion in 2024 ($2.6 billion). Since Russia launched its full-scale invasion in February 2022, the bank has deployed a total of €9.1 billion ($9.8 billion) in the country.
Despite Russia’s war, over 90 percent of the bank’s projects and 57 percent of its total investments in 2025 were in the private sector. The EBRD maintains a high risk appetite, which is more than in other countries where it operates.
“I’ve been impressed by the amount of Ukrainian companies that are taking long-term commitments. They are looking at M&A [mergers and acquisitions] opportunities to grow their businesses in agriculture, retail, and energy,” Greg Guyett, EBRD First Vice President, said during a briefing in Kyiv on Wednesday.
The EBRD reported its 2025 Ukraine finance figures in a press release on Thursday, while also briefing reporters in Ukraine’s capital.
In 2025, the EBRD deployed a record €1.2 billion ($1.3 billion) through partner financial institutions, including €550 million ($594 million) under its trade facilitation programme. It also extended €504 million ($544 million) in portfolio risk-sharing facilities to support up to €1.6 billion ($1.7 billion) of new lending.
According to earlier statements by Matteo Patrone, EBRD Vice President for Banking, the institution aims to further increase this support to €3.3 billion ($3.7 billion) by 2026.
Left to right: Matteo Patrone, European Bank for Reconstruction and Development (EBRD) Vice President for Banking; Greg Guyett, EBRD First Vice President; and Arvid Tuerkner, EBRD Managing Director for Ukraine, meet with representatives of Ukraine’s government in Kyiv in February 2025.
Which sectors did the EBRD fund?
The bank continues to channel capital into the expansion of Ukraine’s real economy, focusing on increasing production capacities and upgrading industrial processes across diverse sectors.
In the retail and agribusiness segments, the EBRD provided targeted financing such as a $25 million loan to the food retailer VARUS and an €11 million ($11.8 million) facility for Karpaty Mineral Water Group.
Logistics and infrastructure resilience were further bolstered by a €50 million ($54 million) loan to Nova Post, aimed at enhancing accessibility and creating job opportunities.
For the energy sector, the bank allocated €160 million ($173 million) to Ukrnafta for the development of gas-fired distributed power generation and €60 million ($65 million) to holding company GalNaftoGaz/OKKO Group, which operates one of the country’s largest networks of filling stations for the construction of private wind farms.
Beyond physical assets, Arvid Tuerkner, Managing Director for Ukraine, and Greg Guyett noted that for many businesses, the primary challenge has shifted from a lack of equipment for blackouts to the growing fatigue of workers due to the lack of heat in their homes.
Guyett emphasized that the war’s most profound impact is now being felt through the pressure on human capital.
“Businesses aren’t that effective because for four years they’ve been investing in very resilient systems to ensure their businesses can keep operating. The primary impact on business is the impact on their workers,” he said during the briefing.
Support for Naftogaz
The EBRD allocated more to energy security this year, with the sector receiving over €1.2 billion ($1.3 billion). The largest chunk of it was part of the emergency loan to Ukraine’s state-owned energy giant Naftogaz to alleviate the impact of Russian attacks on gas production throughout 2025.
Those attacks devastated Ukraine’s domestic natural gas production, reducing it by more than half. Ukraine purchased 4.58 billion cubic meters of gas from foreign suppliers in 2025, including 3.67 billion since last winter. Kyiv estimates total import needs may reach 5.8 billion cubic meters by the end of 2026 in light of Russia’s ongoing attacks.
Part of the gas is purchased as liquefied natural gas (LNG) from the US through Polish multinational ORLEN – and through Greek state-owned company DEPA Commercial, which is utilizing a new gas route through Greece for the first time in history.
To replenish gas reserves, the EBRD provided two loans to Naftogaz: €270 million ($292 million) in April and €500 million ($540 million) in August – the latter being the largest EBRD loan to Ukraine at that moment. The EBRD first announced the €500 million ($540 million) tranche in an exclusive interview with Kyiv Post.
Naftogaz loans comprised the majority of the funding for energy, totaling in almost €1 billion ($1.08 billion). On top of the announced €770 million ($831.6 million), EBRD may allocate another €160 million ($172.8 million) for gas procurement “soon”, according to Ukraine’s Ministry of Finance.
Second left: Matteo Patrone, EBRD Vice President for Banking; Centre: Greg Guyett, EBRD First Vice President; Right: Arvid Tuerkner, EBRD Managing Director for Ukraine, meet with representatives of the Ministry of Finance of Ukraine in Kyiv in February 2025. (Photo by Ministry of Finance of Ukraine press service)
Capacity Development and Capital Markets
The EBRD is also helping Ukraine build institutional capacity to absorb reconstruction funds through its “Ukraine FIRST” initiative, which focuses on municipal resilience and infrastructure. This involved supporting 111 sub-loans for a total of €12.2 million ($13.2 million) specifically through veteran reintegration financing windows in 2025.
The bank is also working with the National Bank of Ukraine (NBU) and the Ministry of Finance to develop a vertically integrated capital markets holding. This project, which follows a memorandum, aims to establish a transparent infrastructure for trading, clearing, and settlements. By creating these frameworks, the EBRD seeks to attract strategic global investors and ensure the long-term stability of Ukraine’s financial ecosystem.
In answer to a question from Kyiv Post, Greg Guyett reaffirmed that the EBRD continues to see Ukraine as a key partner for active loans, agreements, and memorandums.
“Our heritage was set up to be an institution that supports the transition of economies to free market and democracy. Ukraine is one of our most important countries of operation,” he said.