RLF-RLG-UKRGASBANK 2026 (UIF P2) (EBRD-57940)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Ukraine
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Dec 16, 2026
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
UKRGASBANK JSB
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
  • Finance
  • Industry and Trade
  • Law and Government
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 155.26 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 138.2
Converted using 2026-10-21 exchange rate.
Project Cost (USD)
$ 516.77 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 460
Converted using 2026-10-21 exchange rate.
Bank Documents
Primary Source

Original disclosure @ EBRD website

Updated in EWS Nov 10, 2026

Disclosed by Bank Oct 21, 2026

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the project consists of an unfunded portfolio risk sharing ("PRS") instrument (the "Facility") partly covering the credit risk of new sub-loans with a total value of up to EUR 460 million equivalent (the "Covered Portfolio") to be originated by Public Joint-Stock Company Joint Stock Bank "Ukrgasbank".

The Facility will include three sub-limits with the Covered Portfolio of:
(i) EUR 360 million under the Resilience and Livelihoods Guarantee ("RLG");
(ii) EUR 60 million under the Energy Security Support Facility ("ESSF", assigned a separate EBRD project number 58012) and
(iii) EUR 40 million under the EU4Business-EBRD Credit Line with Incentives (assigned a separate EBRD project number 57941).

The Facility will be delivered in two tranches. 

Under the RLG, sub-loans will finance broad working capital and investment needs of Ukrainian private businesses, as well as state-owned entities (SOEs) and municipalities operating in key sectors supporting the livelihoods and economic resilience in Ukraine.

Under the ESSF, sub-loans will finance energy generation, energy storage and energy-efficiency sub-projects undertaken by private Ukrainian businesses. Sub-borrowers will receive technical assistance to facilitate their investments' structuring and implementation. At least 70% of enabled financing will support investments in sustainable and green technologies ultimately contributing to the country's energy security, and sustainable development goals.

Under the EU4Business-EBRD Credit Line with Incentives i supported by the European Union ("EU") and the Swedish International Development Cooperation Agency ("Sida") i sub-loans will finance long-term investments of micro, small and medium-sized enterprises (MSMEs) to upgrade their technologies and equipment to EU standards, including investments aligned with green (at least 70% of the enabled financing) and gender-inclusive priorities. Eligible sub-borrowers will also receive technical assistance and grant support in the form of investment incentives upon the completion of their eligible investment projects. Particular focus will be given to targeted and priority categories of sub-borrowers, including, among others, MSMEs that have suffered war-related asset destruction or losses; those owned and/or led by war veterans and their family members; internally displaced persons and returnees; persons with disabilities; MSMEs operating in, or relocated from, war-affected territories; women-led and youth-led MSMEs; small farms; start-ups; and microenterprises.

The Facility will support lending to Ukrainian private companies operating in primary and secondary agriculture, energy and other critical sectors, including food processing, retail and logistics, as well as to critical SOEs and municipalities, with the ultimate goal of preserving livelihoods in Ukraine.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

Categorised FI (ESP 2024). Ukrgasbank is an existing client and has demonstrated satisfactory environmental and social performance under its current exposure.

Ukrgasbank is expected to maintain its environmental and social management system to effectively assess, manage, and monitor the relevant risks and impacts associated with its sub-projects, will comply with the ESR 2, 4, and 9 under the 2024 ESP, including the EBRD's 2024 exclusion list and will submit Annual environmental and social reports to the Bank. If the EBRD's funding is used to finance renewable energy sub-projects, these sub-projects must meet the EBRD's E&S eligibility criteria for renewable energy sub-projects and other eligibility criteria outlined in the Policy Statement.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

An unfunded portfolio risk sharing ("PRS") instrument partly covering the credit risk of new sub-loans with a total value of EUR 460 million equivalent to be originated by the client.

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

State-owned Ukrgasbank is a systemically important bank and the 7th largest bank in Ukraine with c. 5.2% of market share by net assets at end-1H2026. It is a universal bank operating a country-wide network of c. 206 branches and 570 ATMs at end-1H2026. Ukrgasbank is one of the market leaders in green lending and trade finance in Ukraine.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Maya Ganelina
mganelina@ukrgasbank.com
+380 50 353 5112 / +380 44 594 1163
https://www.ukrgasbank.com/
Public Joint-Stock Company Joint Stock Bank Ukrgasbank
1 Yerevanska Street, Kyiv 03087, Ukraine

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html

How it works

How it works