The European Bank for Reconstruction and Development (EBRD) invested a record EUR 2.4bn in Ukraine in 2024, up from EUR 2.1bn in 2023. The EBRD remains the largest institutional investor in Ukraine, having significantly increased its investment volume following the full-scale russian invasion in February 2022. Since the start of the war, the Bank has provided financing totalling almost EUR 6.2 billion.
The EBRD’s main areas of investment include
– Energy security: The Bank has financed decentralised power generation projects to ensure a stable energy supply. In particular, it provided EUR 80 million to Ukrnafta for the installation of distributed gas generation with a total capacity of 100 MW;
– Infrastructure: The EBRD provided EUR 300 million for the modernisation of Ukrzaliznytsia’s locomotive fleet and EUR 267 million for the rehabilitation of the M-06 motorway;
– Food security: Funding for private companies such as Nova Poshta, Kormotech and Esper Bionics is helping to strengthen Ukraine’s economy;
– Trade finance: The EBRD committed a record EUR 472 million under its Trade Facilitation Programme in 2024.
Notable EBRD initiatives in Ukraine in 2024 include an innovative war risk insurance guarantee to support trade in wartime conditions. The Bank also participated in a EUR 435 million agreement in the telecommunications sector, the largest foreign direct investment in Ukraine during the war.
Beyond financing, the EBRD is actively supporting reforms in Ukraine, particularly in the context of European integration. These efforts not only help attract greater private sector investment, but also advance Ukraine’s EU accession goals. Through initiatives such as the Ukraine Reform Architecture Programme and the Business Ombudsman Council, the Bank is working with the government and state institutions to address integration-related challenges and ensure compliance with EU standards.
Following the successful EUR 4 billion capital increase in 2023 to support Ukraine, the EBRD plans to maintain annual investments of around EUR 1.5 billion, with the potential for further growth as the country enters the post-war recovery phase.
Source: EBRD
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