More projects in Ukraine and green finance helped the European Bank for Reconstruction and Development increase its investments by 26% in 2024 to a record 16.6 billion euros ($17.1 billion), the organization announced Thursday.

According to the EBRD, the private sector accounted for more than three quarters of the 584 projects that were funded last year. In the meantime, 26.7 billion euros was the entire amount of investment that was released from sources other than the bank, or total mobilization.

“The level of support to Ukraine has increased,” stated Odile Renaud-Basso, president of the EBRD.

“Another component is green investment …we’ve been doing a lot of work with a number of countries on strategies to develop renewables, to attract investors in the renewable sector, for example in countries like Uzbekistan or Egypt.”

According to Renaud-Basso, Turkey was still the top investment destination in the previous year, followed by Egypt, Poland, Uzbekistan, and Ukraine.

She stated that the situation on the ground was “very tense” due to recent Russian strikes on Ukraine’s energy infrastructure, which is a major area of concentration for the lender.

In addition to saying, “It’s very painful and it has taken a huge toll on the economy,” Renaud-Basso added that the EBRD had received a lot of requests for a program that was implemented late last year to assist businesses in increasing their ability to generate electricity.

Renaud-Basso said that policymakers still had work to do when asked about Turkey’s central bank’s historic 250 basis point rate cut in December, which came after inflation dropped more than anticipated to 44.38%.

“You need to keep the course and not to stop in the middle, there is still a long way to go,” she stated.

Renaud-Basso went on to say that she anticipated a “constructive dialogue” with Donald Trump’s future administration, similar to what happened during his last tenure.

Owned by 74 nations, the European Union, and the European Investment Bank, the EBRD has a 10% capital stake held by the United States.

Although several governments still need to subscribe to it, EBRD governors, including the U.S. representative, approved a 4 billion euro capital boost for the lender in late 2023.

“The EBRD capital increase decided by our governors presents a strong business case for our shareholders, especially with its focus on supporting Ukraine’s real economy, the private sector and its reconstruction,” said Renaud-Basso.