The European Bank for Reconstruction and Development (EBRD) deployed a record €2.9bn in finance in Ukraine in 2025, up from €2.4bn a year earlier, the EBRD said in a press release.

The EBRD said energy security remained a central focus, while private-sector support continued to dominate its activity for a second consecutive year, with more than 90% of projects and 57% of investments directed to private companies.

Since the war began in February 2022, the bank has deployed €9.1bn in Ukraine. In 2025 alone, this included €600mn in donor grants and trade finance, alongside a record €2.3bn in core EBRD investments.

“Over the past four years of war, the EBRD has stood firmly by Ukraine—helping keep essential services running, safeguarding energy security and supporting businesses through unprecedented pressures,” EBRD president Odile Renaud-Basso said. She added that the bank was already working with the government to prepare for resilient and sustainable reconstruction.

The EBRD said it would continue to provide at least €1.5bn a year during wartime, with scope to increase support once reconstruction begins. A 2023 agreement to raise the bank’s paid-in capital by €4bn, now 95% subscribed, underpins those plans.

Donor funding remains critical. Since 2022, the EBRD has mobilised €3.4bn for Ukraine, including €904mn in 2025, with the EU providing more than half of donor resources last year.

Energy security accounted for more than €1.2bn of financing in 2025 and almost €3.3bn since 2022, as Russian attacks continued to target Ukraine’s energy system. Last year’s support included two major loans to state gas firm Naftogaz, including a €500mn loan in August – the largest ever EBRD loan to Ukraine.

Beyond energy, the bank financed infrastructure, housing, agribusiness and financial-sector projects, while expanding lending through Ukrainian banks and supporting veteran-run businesses.

Across all its regions, the EBRD’s annual investment rose to a record €16.8bn in 2025, with full financial results due to be announced in the spring.