The European Bank for Reconstruction and Development (EBRD) deployed a record amount of €2.1 billion in Ukraine in 2023, following a €1.7 billion total in 2022. 

The EBRD, Ukraine’s biggest institutional investor, which substantially raised investment in Ukraine after the Russian invasion in February 2022, ended the year by exceeding its target of €3 billion for the country for 2022-23, having hit the target in October.

Last year also saw the EBRD’s governors approve a resolution to increase the Bank’s paid-in capital by €4 billion, bringing its capital base to €34 billion, to sustain support for Ukraine. Investment in wartime Ukraine is expected to continue at around €1.5 billion a year, with the capital increase giving scope for a doubling of activity when the time comes for reconstruction.

Through 2022 and 2023, the EBRD has succeeded in mobilising nearly €1.6 billion for Ukraine in donor funds, including unfunded guarantees. Over €409 million of this was signed in 2023 alone. In addition to significant contributions from individual donors, including Canada, Norway, Spain and the Netherlands, the European Union provided nearly half of the donor resources.

In 2023, the EBRD deployed €1 billion to the private sector alone, including €600 million in lending through partner financial institutions in Ukraine and €400 million of turnover through its Trade Facilitation Programme.

“As Ukraine nears its third year of war, the EBRD is there to support its economy and people through these difficult times,” EBRD President Odile Renaud-Basso said. “Keeping private businesses and critical infrastructure operational is vital to sustaining the war and preparing for reconstruction. With the support of its shareholders, the EBRD will remain an active and supportive investor in Ukraine.” 

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Press release