The European Bank for Reconstruction and Development (EBRD) launched the Enterprise Security Enhancement (ESE) pilot program on May 11, 2026, to provide partial debt relief for Ukrainian borrowers whose assets are destroyed by war. The initiative operates through PrivatBank and Raiffeisen Bank Ukraine to address gaps in the war-risk insurance market.
This mechanism targets capital expenditure (capex) loans for fixed assets rather than working capital. The EBRD will utilize donor-funded grants to compensate these partner banks for credit losses incurred when they forgive portions of loans held by verified war victims, ensuring businesses can reinvest instead of carrying liabilities for destroyed property.
Total pilot…