EBRD financing in Ukraine: direct loans, partner banks and what companies should know

The European Bank for Reconstruction and Development (EBRD) has been one of the largest institutional investors in Ukraine since Russia’s full-scale invasion in February 2022. It is also one of the main implementing partners of the EU’s Ukraine Investment Framework. For companies, the EBRD is relevant in two ways: as a direct lender or investor for larger projects, and indirectly through the Ukrainian banks it finances and shares risk with.

Key figures (as reported by the EBRD)

• €2.9 billion deployed in Ukraine in 2025 – a record, up from €2.4 billion in 2024. Over 90% of projects and 57% of investments were in the private sector.
• Energy security accounted for over €1.2 billion in 2025 and almost €3.3 billion since 2022.
• At the Ukraine Recovery Conference in Gdańsk (25–26 June 2026), the EBRD signed more than €500 million of new finance, bringing total EBRD financing deployed in wartime Ukraine to €10.5 billion. In a later 2026 release, the bank put the total at €11 billion since 2022.

“Deployed” finance, in the EBRD’s definition, includes donor grants and trade finance in addition to the bank’s own investments. Totals change with every signing.

The EBRD lists five investment priorities in Ukraine: energy security, vital infrastructure, food security, trade and private-sector support.

Route 1: direct EBRD financing (larger projects)

According to the EBRD’s product information:

• EBRD loans to private-sector projects usually range from €3 million to €250 million (average about €25 million), although amounts can be smaller in certain cases.
• For Ukrainian SMEs, direct financing – or an individual risk-sharing facility with a partner bank where the EBRD can cover up to 65% – requires an investment amount of €5 million equivalent or more.
• Loans are priced at market rates. The EBRD states explicitly that it does not subsidise projects or offer soft loans.
• Instruments include senior, subordinated, mezzanine and convertible debt, as well as equity. Maturities run up to 15 years (longer in exceptional infrastructure cases).
• The bank usually requires security over project assets and typical project-finance covenants. Sponsors reimburse out-of-pocket costs such as external consultants and legal counsel.

How to start: the EBRD has an online financing enquiry form. Check that your project fits the bank’s eligibility criteria before submitting.

Route 2: smaller loans through Ukrainian partner banks

Projects too small for direct financing can still benefit from EBRD money through partner financial institutions (PFIs):

• The EBRD shares 50–80% of the credit risk on SME loans originated by partner banks (subject to portfolio caps).
• With EU and other donor support, the EBRD offers grants covering 10–30% of investment costs for long-term investment loans, usually through the EU4Business-EBRD Credit Line, prioritising vulnerable SMEs.
• The EBRD reports multi-million risk-sharing agreements with 12 partner institutions in Ukraine. Its SME page lists Ukreximbank, Ukrsibbank, Credit Agricole Ukraine, OTP Bank, ProCredit Bank, KredoBank, PrivatBank, Raiffeisen Bank Ukraine, Bank Lviv, Oschadbank, OTP Leasing and Ukrgasbank, and asks SMEs to mention the EBRD Resilience and Livelihoods Program (RLG) in their enquiry.

In 2025 the EBRD channelled a record €1.2 billion through partner institutions in Ukraine, including €550 million under its Trade Facilitation Programme. Since 2022 its portfolio risk-sharing facilities have enabled over €2.4 billion of new lending across more than 30,000 sub-loans.

For loans through local banks, the EBRD says businesses should be ready to provide a sound business plan, evidence of solid management, information on owners, financial history and security. An equity contribution of around 35% is often required.

Who is this relevant for?

• Ukrainian private companies with investment needs of €5 million or more (direct route), or smaller needs (partner banks).
• Foreign investors and sponsors, including Nordic companies, investing in Ukrainian subsidiaries or projects.
• Municipalities and state-owned companies for infrastructure, energy and transport (for example the €150 million loan to the City of Kyiv for Kyiv Metro railcars reported by the EBRD in 2026). Note that the partner-bank SME lines are not available to majority state-owned companies.

Practical notes

• EBRD financing is commercial. The “benefit” lies in availability, tenor and risk-sharing in a high-risk market, plus possible donor grant elements – not in below-market interest rates.
• Environmental and social standards apply to all projects. Prepare for due diligence.
• For SMEs, the fastest route is usually to talk to one of the listed partner banks.