Ukraine has updated its credit and mortgage development strategies through 2028, moving from crisis stabilization toward a more targeted financial agenda. The new priorities reflect the reality of a wartime economy: banks are expected to support energy resilience, defense production, responsible business lending and a gradual return of market-based housing finance.
The context is stronger than it was at the beginning of the full-scale war. Business loan portfolios have grown, and much of the previous action plan has already been implemented. The next stage is more complex because it requires not only more lending, but better risk-sharing mechanisms, clearer legal rules and closer alignment with European standards.
Energy, defense and risk insurance
Energy financing is now a strategic priority because damaged infrastructure has turned generation, backup equipment and distributed energy projects into core economic needs. Banks have already financed a large volume of generation projects, and collateral rules for energy equipment are being adjusted to make such lending more workable.
Defense industry financing is also moving into the mainstream of bank policy. Machine-building loans grew sharply as production needs expanded, and consortium lending is becoming a tool for large defense projects. Temporary flexibility around ESG restrictions for defense and energy projects is intended to prevent formal rules from blocking urgent financing.
The mortgage strategy focuses on reducing the dependence on state support. The eOselia program still dominates new mortgage lending, but the long-term goal is to rebuild a market where banks can lend with acceptable risk. War-risk insurance for mortgage contracts, clearer rules for developers, special-purpose project structures and better real estate price data are all part of that agenda.
For businesses and households, the strategy is a signal that credit policy is becoming more selective. Money should flow where it strengthens resilience, production and recovery. The real test will be whether regulators, banks and ministries can turn strategic documents into usable products with predictable rules for borrowers.
