The European Bank for Reconstruction and Development (EBRD) granted a loan in the amount of EUR 97 million to support the sustainability of the work of the Ukrenergo national energy company.
That follows from a statement by the Ministry of Finance, reports Ukrainian News Agency.
On August 26, Minister of Finance of Ukraine Serhii Marchenko and President of the European Bank for Reconstruction and Development Odile Renaud-Basso signed an agreement on amendments to the Guarantee Agreement regarding the Power Transmission Grid Modernization Project.
At the same time, Head of Ukrenergo Volodymyr Kudrytskyi signed an agreement on amendments to the Credit Agreement with the EBRD.
The changes envisage the allocation of EUR 97.3 million against the state security and the security of one of the G7 countries to support the stability of the work of Ukrenergo.
The funds are provided as part of the EBRD assistance package in response to the war in Ukraine by repurposing the EBRD loan as part of the power grid modernization project.
In June, Ukrenergo already received EUR 50 million from the EBRD to support liquidity.
As reported by Ukrainian News Agency, the EBRD is one of the largest institutional investors in Ukraine.
As of August 2022, the total amount of financing allocated to Ukraine by the bank is EUR 17.6 billion within the framework of 516 projects.
In the public sector, there are nine joint projects with the EBRD at the stage of implementation with a total volume of loans of EUR 1.76 billion (attracted by the state or under state guarantees).
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