Naftogaz Group has signed a grant investment agreement with the European Investment Bank (EIB) for €127 million – funds provided by the EU with financial support from the Norwegian government and will be used to purchase natural gas for this heating season, the company announced on Thursday, UNN reports.
Naftogaz Group and the European Investment Bank (EIB) have concluded a grant agreement for €127 million. (...) These funds will be directed towards importing additional gas volumes to compensate for losses in domestic production due to Russian attacks on civilian gas infrastructure facilities.
Details
The financing is provided through the European Investment Platform for Ukraine (Ukraine Investment Framework, UIF) - a mechanism created to mobilize public and private investments in the recovery and reconstruction of Ukraine after Russian aggression.
The UIF is part of the Ukraine Facility program, the EU's main instrument for civilian support to Ukraine. This is the first time Norway is channeling its aid directly through this mechanism. This demonstrates Team Europe's rapid and coordinated response to support Ukraine's urgent energy needs, Naftogaz noted.
"The EU grant of €127 million for Naftogaz, in addition to the EIB loan of €300 million that was signed and fully disbursed in October, reflects a shared understanding of the urgency of the situation and our ability to act quickly," said EIB Vice-President Teresa Czerwińska, responsible for the bank's activities in Ukraine.
For reference
The European Investment Bank (EIB) was established in 1957. Today, the EIB's shareholders are 27 European Union countries.