The Ministry of Finance and the EBRD discussed the implementation of joint projects. Since 2022, the Bank mobilized over €7 billion for Ukraine

Deputy Minister of Finance of Ukraine Olga Zykova met with Managing Director of the European Bank for Reconstruction and Development (EBRD) for Ukraine and Moldova Arvid Tuerkner.

The parties discussed the implementation of joint projects, the state of Ukraine’s financial system, budgetary needs for 2026, and prospects for further cooperation.

Olga Zykova thanked the European Bank for Reconstruction and Development for its financial support in critically important areas during wartime. Since the start of russia’s full-scale invasion, the EBRD has mobilized over EUR 7 billion for key projects in Ukraine.

“Today, the EBRD remains Ukraine’s largest institutional investor and plays a significant role in the country’s reconstruction and recovery. The Bank actively finances initiatives to enhance energy security, support liquidity and resilience of the public sector and state-owned enterprises, and helps restore infrastructure, as well as micro, small and medium-sized enterprises. It also makes capital investments in the private sector. And given the ongoing war in Ukraine, the support of our partners remains more important than ever,” noted Deputy Minister of Finance of Ukraine Olga Zykova.

The parties also discussed Ukraine’s budgetary needs for 2026, including the need for external financing.

Meeting participants considered the possibility of implementing new energy projects in the public sector under European Commission guarantees. The Government of Ukraine already has experience in implementing a joint project with the Bank for Naftogaz of Ukraine, where EBRD financing was mobilized without a state guarantee. In August 2025, Naftogaz signed a EUR 500 million loan agreement with the Bank under an EU guarantee to ensure a stable 2025/2026 heating season.

The Deputy Minister of Finance of Ukraine and the EBRD Managing Director for Ukraine and Moldova also raised the issue of implementing the investment component (Pillar 2) of the EU’s Ukraine Facility financial instrument.

For 2024-2027, the Ukraine Facility provides about EUR 7 billion for investment projects. In particular, the EBRD plans to allocate almost EUR 1.9 billion to such projects under Pillar 2 of the Ukraine Facility.

For his part, EBRD Managing Director for Ukraine and Moldova Arvid Tuerkner assured that the Bank will continue to support both the public and private sectors of Ukraine.

The current portfolio of EBRD projects in Ukraine’s public sector includes 15 projects with a total loan volume of EUR 3 billion. In the energy sector, the EBRD finances 9 projects worth EUR 1.7 billion, while in the transport sector, 6 projects worth EUR 1.3 billion.

In 2022-2025, the EBRD provided EUR 994 million for emergency gas purchases to ensure uninterrupted heating seasons for 2022-2026.