The European Bank for Reconstruction and Development (EBRD) invested a record €955 million in 37 projects in Romania in 2025, a sharp increase from €707 million for 44 projects the previous year. The results underline Romania’s growing capacity to attract investment and its sustained commitment to green and privatesector led growth, according to Transilvania Business.
“This is our largest annual business volume on record in Romania since the EBRD began investing here in 1992 – a truly amazing demonstration for the trust of our clients, the dedication of our team and the strength of Romania’s economy,” said Victoria Zinchuk, EBRD Director of Romania.
Green financing was again central to the Bank’s work in the country. In 2025, 81 per cent of EBRD investments in Romania were dedicated to the green economy, significantly above the Bank’s average across all regions. Projects signed during the year are expected to deliver annual CO₂ emissions reductions of over one million tonnes, reflecting Romania’s accelerating alignment with EU climate and energy targets.
Among key green projects was the €192 million financing package signed in November for three major solar plants – Slobozia, Corbii Mari and Iepurești II – with a combined 531 MW of new capacity and around 676 GWh of annual green electricity generation. It benefits from the Contracts for Difference price stabilisation scheme that the EBRD has supported, marking a major step in Romania’s renewable rollout.
Another notable transaction was signed in May – a €180.3 million EBRD loan towards a €400.6 million financing package for a transformational regeneration project in Romania’s second city, Cluj-Napoca. The project will redevelop an industrial site into a combined retail, office, cultural and entertainment district, with major local infrastructure improvements.
Collaboration with private corporates, banks, equity partners and municipalities remained strong throughout the year. The private sector share of the EBRD portfolio amounts to 86 per cent of the total. Financing for local companies and financial institutions helped strengthen supply chains, unlock new sources of competitiveness, and foster innovation.
The EBRD also continued its policy engagement with Romanian authorities, particularly in areas supporting the green transition, energy market reform and the mobilisation of private capital. Technical cooperation programmes helped advance Romania’s implementation of EU initiatives such as Fit for 55 and REPowerEU, providing a stronger framework for investment in renewable energy and energy storage.
The Romania results form part of a record year for the EBRD overall, with €16.8 billion total investment in 2025, up from €16.6 in 2024, including a record €2.9 billion deployed in Ukraine, up from €2.4 million. The Bank operates in central and eastern Europe, Central Asia, the Southern and Eastern Mediterranean, and now also sub-Saharan Africa, and will publish full financial results for 2025 in the spring.
The EBRD is a major institutional investor in Romania. To date it has invested more than €12.3 billion in 584 projects.
The quantitative shift: Ten years of capital infusion
The EBRD’s engagement in Romania has not only grown in volume but also in complexity. Moving beyond simple credit lines, the bank has increasingly focused on equity participation and innovative financial instruments to support local entrepreneurs.
| Metric | 2016 | 2021 | 2026 (Projected/Actual) |
| Annual Investment (Million EUR) | ~450 | ~546 | ~720 |
| Number of Active Projects | 420 | 485 | 530 |
| Share of Green Investments (%) | 32% | 50% | 74% |
| Cumulative Investment (Billion EUR) | ~7.2 | ~9.3 | ~11.4 |
Green transition: The core of the EBRD mandate
In line with the European Green Deal and Romania’s Energy Strategy, the EBRD has shifted the vast majority of its portfolio toward sustainability. In 2026, Romania stands as one of the bank’s most successful examples of “Greening the Economy.”
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Renewable Energy: Financing for large-scale solar and onshore wind projects has helped Romania exceed its 2025 renewable energy targets.
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Energy Efficiency: Through the GEFF (Green Economy Financing Facility), the bank has provided thousands of loans to SMEs and homeowners for thermal insulation and high-efficiency heat pumps.
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Municipal Sustainability: Massive investments in public transport (electric buses in Cluj-Napoca and Bucharest) and waste management systems have redefined urban living.
Strengthening the financial backbone
The EBRD has played a pivotal role in the consolidation of the Romanian banking sector. By supporting major players like Banca Transilvania and BCR, the bank has ensured that capital remains available even during periods of global volatility.
| Investment Focus | Key Projects | Objective |
| Banking Sector | Support for Eurobond issuances. | Strengthening capital buffers and liquidity. |
| Capital Markets | Institutional support for the BVB (Bucharest Stock Exchange). | Upgrading Romania to “Emerging Market” status. |
| Digitalization | Funding for FinTech startups via the Venture Capital program. | Reducing the “unbanked” population in rural areas. |
Infrastructure and regional connectivity
A significant portion of EBRD funding over the last decade has been directed toward the CNAIR (National Road Infrastructure Company) and the railway sector. In 2026, the completion of several vital segments of the A7 motorway and the modernization of the Port of Constanța stand as testaments to this partnership.
The challenges of 2026: Inflation and implementation
Despite the successes, the EBRD’s mission in Romania faces modern headwinds. High construction costs due to global inflation and the complexity of public procurement processes have occasionally slowed the disbursement of funds. Furthermore, the bank is now increasingly focused on addressing the labor shortage by funding vocational training programs within the private companies it supports.
