The European Bank for Reconstruction and Development (EBRD) delivered a record €16.6bn in investments across its economies in 2024, marking a 26% expansion year on year. 

In reviewing its performance, the development lender on January 10 noted record financing shares awarded to green and gender-tagged projects, as well as robust support for Ukraine, the gaining of the EBRD’s first two shareholders from sub-Saharan Africa, namely Benin and Côte d’Ivoire, and an equity investment in Bank of Palestine against the backdrop of the conflict in the Middle East.

Total mobilisation – the overall amount of investment the bank unlocked from all sources in 2024 – amounted to €26.7bn, said the London-based institution.

EBRD president Odile Renaud-Basso said: “We achieved record-breaking impact in 2024, both in volume and, more importantly, in quality. In fact, we not only beat records, but went far beyond them.

“Demand for our unique business model of financing combined with policy advice grows with every year that passes. Our capacity to respond to the evolving needs of our clients must keep pace with these changes.  

“Last year highlighted strong momentum in our green and gender financing, in parallel with steadfast support for Ukraine and its real economy. And we will continue to deliver for our clients, both individually and by working together with our partners as part of a wider system.”

Green economy financing from the EBRD last year amounted to 58% of its total investment volume, making for a record of more than €9.7bn, while the share of gender-tagged projects was 47%.

The EBRD financed a record 584 projects overall, with 76% of investments going to the private sector, corresponding to a record volume of €12.5bn.

Annual disbursements hit a record level of €10.6bn.

The bank’s portfolio reached €61.9bn, while operating assets reached €42.1bn.

In 2023, the EBRD delivered €13.1bn in investments across its economies, with 464 projects financed, also for that year reporting a record volume and number of investments.

EBRD annual investments topped €10bn for the first time in its history in 2019.

The bank’s record performance in 2024 included strong backing for Ukraine, where it deployed more than €2bn of financing in the third year of Russia’s full-scale war against the country. Highlights of the EBRD’s engagement in Ukraine included the launch of an innovative war insurance facility to help revitalise the insurance market, €300mn in financing to Ukrainian Railways for the acquisition of electric locomotives, support for Ukrnafta to strengthen the resilience of the country’s power sector and the provision of new guarantees to Ukraine’s banking sector to unlock €690mn of new financing for critical industries.

The EBRD also provided $217.5mn in long-term debt to support a milestone project involving two Ukrainian telecom groups. It amounted to the largest single foreign direct investment in Ukraine by a major strategic investor since Russia’s invasion in February 2022.

Also last year, in the context of the climate emergency and the need to mobilise more support for development from the private sector, multilateral development banks (MDBs) responded to calls for greater collaboration between them.

Ten MDBs, including the EBRD, announced joint steps to work more effectively as a system. They are aiming to step up the impact and scale of their work to tackle urgent development challenges. 

The EBRD in 2024 mobilised nearly €1.63bn in new donor funds, including unfunded guarantees, over €913mn of which were signed for Ukraine. The European Union provided 68% of the donor resources.

With the addition of Benin and Côte d’Ivoire, the number of EBRD members moved up to 76.