The EBRD has now committed more than €10.5bn in wartime financing to Ukraine after signing fresh agreements worth over €500m at the Ukraine Recovery Conference in Gdańsk. This brings the bank's total support to a new threshold as it works to rebuild the country's war-torn economy.

Private investors remain hesitant about Ukrainian markets, viewing them as largely uninvestable despite urgent reconstruction needs. The bank's strategy focuses on de-risking mechanisms designed to attract private capital that would otherwise stay on the sidelines.

Under the EU's Ukraine Investment Framework, several energy and municipal loans include first-loss guarantees. These guarantees absorb initial losses, making senior positions more attractive to co-investors and helping crowd in third-party funding for critical projects.

The approach reflects growing recognition that public funds alone cannot finance Ukraine's massive reconstruction needs. By structuring deals that protect private capital from first losses, the EBRD aims to unlock billions in additional investment for the country's recovery.