The EBRD plans to invest about €1.5B a year in Ukraine over the next two years.

According to the Bank President, Odile Renaud-Basso, the amount has not been finally determined, so that it may increase. “It depends on the scenarios, but I would expect at least the same level of funding in the context of war. But if the reconstruction started to accelerate, then the amount would probably increase,” Renaud-Basso said.

However, there is still an urgent need to support Ukraine after the Russian invasion, especially the country’s energy sector and infrastructure. “If there is no heating, no electricity, the winter will be tough. Therefore, we will mainly focus on this,” she said.

Renaud-Basso stressed that the EBRD has a revolving credit line with Naftogaz to help it purchase enough gas as it did last winter, and that the bank plans to increase that credit line. In 2022-2023, the bank reserved €3B to support Ukraine’s infrastructure and provide credit lines during the war, of which €1.7B was disbursed last year.