Agreements providing for more than EUR 500 million in new investments and support for Ukraine from the European Bank for Reconstruction and Development (EBRD) were signed during the Ukraine Recovery Conference (URC 2026) in Gdańsk on June 25-26, according to a press release from the bank.
"The Bank signed a suite of agreements comprising more than EUR 500 million of finance, with several loans also benefiting from donor support, including EUR 100 million from the European Union (EU) through the Ukraine Investment Framework (UIF). This brings total EBRD financing deployed in wartime Ukraine to EUR 10.5 billion," the bank said in the press release.
In the energy sector, the EBRD signed new agreements to stimulate renewable energy production and support Ukraine’s energy security, including a EUR 90 million loan to Ukrenergo for the reconstruction of certain substations, as well as to support corporate governance, including improvements to the company’s compliance and anti-corruption functions.
This list also includes a EUR 50 million loan for the development and construction of a 189 MW wind farm by GNG Group (Galnaftogaz), known in Ukraine as OKKO Group. The bank will provide financing as part of a consortium with the Black Sea Trade and Development Bank, the British International Investment Fund (BII), the International Finance Corporation (IFC), and Swedfund, and the loan will be backed by a first-loss guarantee under the UIF.
An agreement was also signed with the German renewable energy developer Notus Energy for a EUR 65 million loan to finance a 120 MW wind power plant. The bank’s financing will be provided jointly with the IFC, the Belgian Investment Company for Developing Countries, and Swedfund, and is expected to be backed by a first-loss guarantee from the EU’s UIF. This will be the first transaction under the IFC-EBRD Mutual Support Program.
In addition, a grant of EUR 44.6 million was provided to Ukrnafta with support from Norway and the Netherlands, and agreements were signed for pre-financing of new battery storage projects developed by Power One and Kvant Yug.
The EBRD also signed letters of intent with Germany and Norway regarding contributions of EUR 45 million and EUR 10 million, respectively, to the Renewable Energy and Market Acceleration Program in Ukraine (RAMP-UP), a price stabilization mechanism developed by the EBRD and the World Bank, which aims to unlock private investment in Ukraine’s renewable energy sector. The German and Norwegian funding complements existing support from the EU, the Netherlands, and Switzerland, helping to advance a mechanism that is expected to support 1 GW of new renewable energy capacity and potentially mobilize EUR 1.5 billion.
In the financial sector, the EBRD signed agreements totalling EUR 303 million with eight Ukrainian banks, enabling them to provide new loans to Ukrainian borrowers totalling EUR 845 million.
Specifically, the Portfolio Risk Sharing (PRS) lines with PrivatBank and Oschadbank will enable them to provide EUR 265 million and EUR 150 million in new loans, respectively, focusing on supporting micro, small, and medium-sized enterprises and medium-sized corporations, with up to 17% of sub-loans in PrivatBank’s case and 13% in Oschadbank’s case directed toward long-term capital expenditures (capex) under the EU4Business-EBRD credit line.
In cooperation with Bank Lviv, the EBRD is also providing new loans totalling EUR 50 million through the PRS facility, as well as a EUR 10 million tranche in local currency under a EUR 40 million loan agreement. The loan in local currency will be partially risk-covered by the UK-based BII. In the case of Bank Lviv, up to 25% of sub-loans will be allocated to capex under the EU4Business-EBRD credit line.
Similar PRS lines for financing micro, small, and medium-sized enterprises were also established with Kredobank (providing up to EUR 70 million in new financing, with up to 13% for capex), with Ukrsibbank (EUR 52 million, with 20% for capex, and up to 4% for residential households for decentralized energy production, storage, and energy efficiency measures), with Ukrgasbank (EUR 148 million, 20%), Ukreximbank (EUR 50 million, up to 20%), and Raiffeisen Bank (EUR 50 million, 20%).
"These transactions are part of the EBRD’s broader projects with Ukraine’s financial sector, which are expected to mobilize up to EUR 2.2 billion for Ukrainian borrowers," the bank said.
According to the press release, they are receiving support from donors in the EU (EUR 65 million), Sweden (EUR 10.8 million), France (EUR 7.1 million), the Netherlands (EUR 400,000), and other donors to the EBRD’s Special Crisis Response Fund (EUR 13 million), as well as from Switzerland (EUR 300,000) through the EBRD’s Small Business Impact Fund, which supports the provision of non-financial services to the banks’ sub-borrowers – small and medium-sized enterprises.
To further stimulate private investment, the EBRD is working to make war risk coverage more accessible. Thanks to a EUR 5 million EU grant, the bank will be able to subsidize insurance premiums for assets financed through sub-loans provided by the EBRD, helping small and medium-sized enterprises (SMEs) protect their investments in Ukraine, the press release reads.
In the municipal sector, the EBRD has signed new commitments totalling EUR 100 million, including a EUR 15 million loan to Kharkiv to finance new distributed and sustainable assets for heat and electricity generation, which is backed by a first-loss guarantee from the EU’s UIF and supplemented by a EUR 17 million UIF investment grant.
A EUR 12 million loan was also provided to Rivne to finance renewable energy and energy-saving measures in 24 public buildings, which is expected to benefit nearly 160,000 people. This loan is also supplemented by a EUR 6 million investment grant from the Eastern European Energy Efficiency and Environment Partnership and receives support from donors in Spain and Sweden.
In addition, emergency liquidity loans have been provided to the frontline cities of Dnipro (EUR 25 million), Kharkiv (EUR 15 million), and Kryvy Rih (EUR 12 million), to help them mitigate the war’s impact on their financial situation and ensure the uninterrupted provision of essential municipal services. The loans to Dnipro and Kharkiv are backed by an EU first-loss guarantee through the UIF, while the loan to Kryvy Rih is supported by a guarantee from Spain.
In addition, a pre-financing agreement has been signed to provide Kyiv with EUR 50 million in emergency liquidity.
The press release emphasizes that, in addition to its investments, the EBRD continues to provide important political support to Ukraine for the country’s transformation and accession to the EU. As part of this work, among other things, a Memorandum of Understanding (MoU) was signed with the Ministry of Economy and the World Bank Group, aimed at accelerating the reform of state-owned enterprises and strengthening their governance and operations, as well as an MoU with the National Bank to enhance the effectiveness of governance and supervision in the financial sector.
A Statement on Comprehensive Cooperation was also signed with Naftogaz to expand cooperation on ensuring Ukraine’s energy security and supporting the restoration and modernization of energy infrastructure, an MoU with the Ministry of Culture on cooperation in the development and implementation of public-private partnership projects in the field of culture and cultural heritage in Ukraine.
To optimize Ukraine’s reconstruction priorities, the EBRD also announced its support for the State Agency for Restoration and Infrastructure Development in developing a shortlist of priority investments in national roads, which will be implemented through project preparation and financing. These projects will be integrated into Ukraine’s Unified Project Portfolio.
According to the press release, to support maritime transport and grain export routes, the EBRD will begin work on developing and modernizing infrastructure at the seaports of Reni and Izmail, and to ensure the resilience of Ukraine’s energy sector, it will support investments and urgent reforms in this sector as part of the Team Europe initiative and in collaboration with key international partners. At the Energy and Development Conference, the Bank published a joint document with the European Investment Bank and the Energy Community Secretariat, reaffirming their commitment to coordinated support for reforms and opportunities for joint investment to enhance resilience and promote the alignment of Ukraine’s energy system with EU standards.
