Ukraine will receive EUR 200 million from the EBRD to strengthen energy security and create strategic gas reserves
Kyiv • UNN
Ukraine will receive €200 million from the EBRD to support Naftogaz in creating strategic gas reserves and maintaining energy security.
Ukraine will receive 200 million euros from the European Bank for Reconstruction and Development (EBRD) to support Naftogaz of Ukraine in creating strategic reserves of natural gas and maintaining energy security, UNN reports citing the Ministry of Finance.
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Today, Minister of Finance of Ukraine Sergii Marchenko and EBRD Managing Director for Ukraine and Moldova Arvid Turkner signed the relevant Guarantee Agreement.
"The EBRD is a leader in supporting initiatives to ensure the stability of Ukraine's energy sector. I am grateful for understanding Ukraine's urgent needs and making the necessary decisions. Today's signing is an important step towards strengthening Ukraine's energy stability in times of war," said Sergii Marchenko.
After signing the Agreement, the parties held a working meeting on the status of joint projects and further priorities for cooperation.
The Minister of Finance of Ukraine congratulated Arvid Turkner on his appointment and expressed his readiness for constructive cooperation.
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According to the agency, ten joint projects with the EBRD totaling EUR 2.1 billion are currently underway in the public sector.
"The EBRD remains the largest institutional investor in Ukraine. Thanks to close cooperation with the Bank, we are implementing projects in the energy sector, providing liquidity support to key public sector enterprises, rebuilding infrastructure and operating businesses in the private sector," said Sergii Marchenko.
Since the start of the full-scale invasion, the EBRD's assistance in all areas has reached almost €4 billion. The Bank has significantly increased its funding to Ukraine since Russia launched its full-scale war and intends to continue investing between €1.5 and €2 billion annually in Ukraine.
During the meeting, the parties also discussed existing and potential mechanisms for war risk insurance and the EBRD's support for initiatives in this area, in particular, the promotion of property insurance against marine war risks by owners of ships used to export goods to different countries of the world from the Black Sea ports of Ukraine.
The parties noted that support for the energy sector, including investments in renewable energy sources, infrastructure rehabilitation, and support for the private sector will remain priority areas for attracting further investment.
