Ukraine to receive €200 million from EBRD: Where will funds go
Photo: Arvid Tuerkner, EBRD representative, and Sergii Marchenko, Minister of Finance of Ukraine (mof.gov.ua)
The European Bank for Reconstruction and Development (EBRD) will provide Ukraine with €200 million. The funds are allocated to support Naftogaz of Ukraine in creating strategic reserves of natural gas and maintaining energy security, according to the Ministry of Finance of Ukraine.
On Tuesday, July 16, Finance Minister Sergii Marchenko and EBRD Managing Director for Ukraine and Moldova Arvid Tuerkner signed a guarantee agreement.
According to the Ukrainian Minister, today's signing is "an important step towards strengthening Ukraine's energy stability in wartimes”. He added that the EBRD "is a leader in supporting energy efficiency initiatives”.
The parties also held a working meeting on the status of joint projects and further priorities for cooperation.
The Ministry of Finance noted that as of today, ten joint projects with the EBRD totaling 2.1 billion euros are currently being implemented in the public sector.
According to Marchenko, thanks to close cooperation with the EBRD, the Ukrainian side is implementing projects in the energy sector, providing "liquidity support to key public sector enterprises, rebuilding infrastructure and operating businesses in the private sector".
EBRD assistance to Ukraine
Since the beginning of Russia's large-scale invasion, the EBRD's assistance to Ukraine in all areas has reached almost €4 billion.
According to the Ministry, the Bank plans to continue investing between €1.5 and €2 billion annually in Ukraine.
Earlier in June, EBRD President Odile Renaud-Basso said that the bank was exploring the possibility of increasing its support to help Ukraine overcome the critical shortage of electricity as it approaches the third winter of wartime.
