In the fifth year of Russia’s full-scale war against Ukraine, the European Investment Bank (EIB) Group remains one of the country’s key financial partners. Since 2022, the EIB has directed more than €4 billion toward safeguarding critical infrastructure, strengthening energy resilience, and supporting economic activity. In 2025, new financing reached a record €1.5 billion.
— The fifth year of the war has begun. Needs are growing, resources are limited. How does the EIB determine where to invest?
— During my most recent visit to Kyiv, I was most struck by the courage and dignity of the people — on the streets, in hospitals, in schools. After four years of war, that courage remains extraordinary. Europe’s solidarity is equally unwavering. Ukraine’s fight is also our fight. Today, more than ever, Europe stands alongside Ukraine.
For the EIB Group, Ukraine is one of our top priorities. We work closely with the Government and local authorities to translate urgent needs into concrete projects. Our key question is simple: does this investment help the country remain functional even under constant attacks?
Since 2022, we have provided more than €4 billion in financing to Ukraine. Our priorities are clear: energy, heating and water supply, transport, healthcare, and education — the systems that sustain everyday life. As long as they function, the country remains strong.
We also invest in resilience — ensuring infrastructure can withstand repeated attacks — and in long-term recovery, enabling communities to rebuild and people to return home.
— 2025 was a record year for EIB financing in Ukraine. What does this mean in practice?
— What matters most is not the volume of financing itself — which reached €1.5 billion in 2025 — but how these investments translate into tangible results for people and communities.
In 2025, energy was one of the main priorities, as reliable energy supply underpins daily life, public services, and economic activity. We helped build up critical gas reserves by supporting Naftogaz of Ukraine, assisted Ukrhydroenergo in restoring key hydropower plants, and provided financing through partner banks to support municipalities in developing decentralized heating, renewable energy, and energy efficiency in public buildings.
This allows cities and communities to remain operational even amid attacks on infrastructure. In sub-zero temperatures, it is critically important to ensure households and businesses have heat and electricity.
At the same time, we invested in essential services — water supply, healthcare, and emergency response systems — so that communities can continue to function and develop even under extremely challenging conditions.
In practice, this means recovery is not postponed “until after the war.” It is already underway — and we have supported it from the very first day of this terrible war.
— You invest in frontline and high-risk regions. Isn’t that too dangerous?
— Yes, the risk is indeed very high. But leaving communities without water, heat, or medical care is not an option for us. We operate across the entire country — from western regions to frontline areas — because people must continue to live and work.
Through our recovery programmes, implemented jointly with partners such as the United Nations Development Programme (UNDP) in Ukraine, more than 500 projects are currently underway across over 150 communities. Nearly every two weeks, a restored school, hospital, or water or heating facility reopens.
In practical terms, resilience means building shelters in schools so children can continue learning during air raids; reinforcing and protecting electricity transmission substations with anti-drone solutions; establishing decentralized heating systems and backup energy sources for hospitals; restoring water supply networks; and implementing the EU-standard 112 emergency response system to enhance crisis response capacity.
These are not abstract investments — they protect daily life and help communities maintain stability even amid constant hostile attacks.
— How do these investments contribute to Ukraine’s long-term development and EU integration?
— In practice, recovery and EU integration are closely intertwined.
Our projects are implemented in line with EU technical, environmental, and governance standards. This means Ukraine is not simply rebuilding damaged infrastructure; it is modernizing in a way that lays the foundation for long-term integration with the European Union.
A notable example is the opening of the Uzhhorod–Chop European-gauge railway line — the first railway connection in Ukraine built to EU standards. This project physically connects Ukraine to the EU railway network, facilitates trade, and reduces logistical barriers.
Through the EU’s €300 million export credit guarantee mechanism, we support EU companies supplying Ukraine with essential equipment, construction materials, and critical technologies. The high demand for this instrument reflects confidence in Ukraine’s economic potential.
At the same time, our 2025 commitments to infrastructure and innovation private equity funds, such as Amber and Phoenix, help mobilize private capital for reconstruction, stimulating investment activity and long-term growth.
Even during the war, Ukraine is aligning its infrastructure, economy, and institutional framework with EU standards. This progress — and the foundation of Ukraine’s European future — depends on good governance, stronger institutions, and effective public financial management capable of preventing and combating corruption.
That is why we work closely with Ukraine’s anti-corruption and oversight bodies to safeguard EU investments, ensure responsible use of recovery funds, and strengthen public systems for the future.
— What is the role of business in Ukraine’s recovery?
— Sustainable recovery is impossible without a functioning and resilient private sector. Business development preserves jobs, supports economic activity, and creates the conditions for long-term growth.
A significant portion of our financing to support entrepreneurs is channelled through our partners — Ukrainian banks and European export credit agencies. This mechanism ensures that companies across the country can access financing even amid high uncertainty.
In 2025, we signed a €70 million loan agreement with Ukrgasbank to expand long-term financing for micro, small, and medium-sized enterprises. This enables businesses to continue operating, preserves jobs, and advances Ukraine’s green transition through investments in energy efficiency and emissions reduction.
At the same time, with EU support, we signed guarantee agreements with partner banks to make it easier for Ukrainian SMEs to access loans. Around 4,600 companies are expected to benefit. Overall, this will mobilize more than €250 million in new lending, including for businesses led by veterans, internally displaced persons, women, and young entrepreneurs.
— The fifth year of war has begun. What would you like to say to Ukraine today on behalf of the EIB Group?
— Four years of war have demonstrated the extraordinary resilience of the Ukrainian people. Europe’s commitment to supporting Ukraine is equally unwavering.
The EIB Group will continue to support Ukraine — investing in energy, communities, public services, business, and long-term recovery. Ukraine’s future lies within the European family.
We are here, alongside Ukraine and its people — for as long as it takes.
