On 25–26 June 2026, the Ukraine Recovery Conference (URC 2026) took place in Gdańsk, Poland. Among dozens of agreements signed, one stands out by sheer scale: PrivatBank and the European Bank for Reconstruction and Development (EBRD) concluded a credit risk-sharing agreement worth a record €825 million — the largest deal of its kind in the history of Ukraine's banking sector. Combined with Oschadbank's agreements and international guarantees, the total value of banking deals signed at the conference exceeded $1.7 billion. What lies behind these figures, and how will they affect entrepreneurs and ordinary bank customers?
The Ukraine Recovery Conference is an annual international forum where partner countries, international financial institutions and private business coordinate support for Ukraine. In 2026, the conference brought together in Gdańsk leaders of the EU, the United Kingdom, the United States, representatives of international development banks and the Ukrainian government.
For the banking sector, this was the most productive conference to date. The EBRD confirmed that its cumulative financial support for wartime Ukraine has surpassed €10.5 billion — more than for any other country in the bank's history. In just two days in Gdańsk, PrivatBank alone secured commitments totalling nearly €1.2 billion in new obligations.
This is not a straightforward loan to the bank. It is a credit risk-sharing mechanism: the EBRD takes on part of the default risk on new loans that PrivatBank will issue to Ukrainian companies. This allows the bank to significantly expand its loan portfolio without overloading its own capital with additional risk reserves.
The deal is structured in two components:
The first tranche of €265 million has already been signed and deployed. The remaining amount will be rolled out in stages depending on demand and programme pace. Separately, PrivatBank signed a portfolio guarantee agreement with the European Investment Fund (EIF) worth €357 million, enabling further SME lending. Compare current business loan offers in Ukraine on BankSorter to see what is already available.
The most significant feature of this deal is the inclusion of the Enhanced Enterprise Security (ESE) mechanism. In plain terms: if assets purchased using a PrivatBank loan under this programme are damaged or destroyed as a result of military action, the borrower will receive partial debt relief.
The mechanism works as follows: the EBRD compensates the bank for part of the losses incurred, after which the bank reduces the client's outstanding debt by a corresponding amount. The entrepreneur does not face a situation of repaying a loan on equipment or premises that no longer exist.
Why does this matter so much? Throughout 2022–2025, one of the primary reasons entrepreneurs declined investment loans was precisely this concern: "I will buy machinery or build a new production line — but what if it is destroyed by a missile or drone attack?" Traditional bank products offered no protection against war-related risks. ESE addresses this problem directly and opens lending to businesses located in higher-risk regions. The mechanism was already piloted in Ukraine jointly with PrivatBank and Raiffeisen Bank Ukraine — the URC 2026 agreement scales it to the entire portfolio.
PrivatBank is not the only state bank to have left Gdańsk with major agreements. Oschadbank concluded a similar risk-sharing deal with the EBRD for a total limit of up to €510 million. The first portfolio will deliver €150 million in new loans, with a focus on micro, small and medium-sized enterprises as well as mid-size corporate clients. Up to 13% of lending is directed toward long-term capital expenditure under the EU4Business-EBRD credit line.
Combined, the two state banks will channel more than €1.3 billion in new loans to the real economy in the coming years, with partial international risk coverage. Additionally, Oschadbank and EFSE DF signed an agreement to establish a €2 million grant fund for businesses — with individual grants of up to €100,000. That is non-repayable support, not a loan.
The deals are signed, but the money will not come to your business by itself. Here are concrete steps to take:
These agreements directly concern corporate lending and do not change deposit or personal account conditions for individuals. But there is an important indirect effect.
As PrivatBank and Oschadbank attract large-scale international funding, they strengthen their capital base and enhance the resilience of the entire financial system. For customers with deposits, this translates into greater reliability. And businesses that receive loans and start expanding will create new jobs — supporting the country's broader economic recovery.
It is also worth noting that PrivatBank was named Ukraine's Best Bank for 2026 by Global Finance magazine — another signal of international confidence in the institution. If you have not yet compared savings accounts across banks, BankSorter can help you find the best offer available today.
The PrivatBank and Oschadbank deals with the EBRD at URC 2026 are concrete proof that the international community is ready not only to pledge support but to structure real financial instruments adapted to Ukraine's wartime realities. €825M + €510M is not an abstraction. It means new loans for businesses, new jobs and fresh momentum for economic recovery.
The ESE mechanism is the first systematic solution to the war-risk problem for business borrowers — and it could prove to be a turning point for the recovery of investment lending in Ukraine. If your business is planning to secure financing, do not delay. Compare lending terms on BankSorter — business accounts and choose the bank with the best conditions for your situation.
Compare current bank offers and find the best one for you.
See the ranking →