The European Bank for Reconstruction and Development (EBRD) said on January 15 it invested a record €16.8bn across its regions in 2025, extending its reach for the first time to sub-Saharan Africa and Iraq while it also ramped up support for Ukraine and private-sector development.

The multilateral lender financed 640 projects during the year, with 75% of investments going to the private sector, equal to €12.7bn, it said in a statement. The total surpassed the €16.6bn invested in 2024, which had also been a record.

EBRD president Odile Renaud-Basso said the bank had delivered despite a challenging global backdrop. “2025 was a year of continuing challenges, but also many striking achievements. I am proud that the bank delivered unprecedented support to Ukraine, while fuelling private-sector development, enhancing competitiveness and boosting growth across our economies,” she said, according to the bank’s press release.

While economic growth picked up in most of the bank’s regions, some countries continued to struggle with high public debt and elevated interest costs, the EBRD said. 

Still, the bank’s mobilised investment reached €5.7bn, taking total mobilisation to €26.8bn, while annual disbursements hit a new high of €11.5bn, up from €10.6bn in 2024.

During the year, the development bank channelled 56% of total investment – €9.4bn – to green transition projects, and 47% of projects supported opportunities for women. Equity investments accounted for 6% of annual activity.

Ukraine remained a central focus. The EBRD deployed €2.9bn to the country in 2025 for critical infrastructure, energy security and the private sector. 

Among the major investments were a €770mn financing package for Naftogaz, including a €500mn loan to rebuild gas reserves before winter, the largest EBRD loan ever to Ukraine. Other projects included €300mn for the state railway, €200mn in risk-sharing facilities via Ukreximbank and €100mn to support affordable housing.

The EBRD has been ramping up its support for Ukraine since Russia’s invasion in 2022. 

Previously, in 2024, Ukraine was one of the top countries for investment, but the largest volume of funding in 2024 was directed at Turkey, for the fifth year in a row. 

Beyond its traditional regions, the bank made its first investment in sub-Saharan Africa in 2025, a €30mn sovereign loan to Benin’s national power distributor to support rural electrification. It also entered Iraq for the first time with a $100mn trade finance facility for the National Bank of Iraq, aimed at boosting imports and exports.

In 2025, the EBRD mobilised €1.9bn in new donor funds, with €859mn directed to Ukraine. The European Union provided 55% of donor resources.

Detailed regional results are due be released later this month, and full financial results in the spring, the EBRD said.