EBRD lends €200 million to boost Ukraine’s energy security
November 23, 2023

EBRD lends €200 million to boost Ukraine’s energy security

The European Bank for Reconstruction and Development (EBRD) announced today it was lending €200 million to help Ukraine’s gas entity Naftogaz (NAK) build up strategic gas reserves in the second winter heating season since the Russian invasion in February 2022. 

The latest finance for Naftogaz follows €300 million lent last year, part of a package of €500 million of donor support, including a grant from Norway.

“We are proud of our collaboration with Naftogaz, which has also been improving its governance and, after difficulties in the past, has successfully completed the restructuring of its bonds – we stand ready to support them further,” said Matteo Patrone, Managing Director, Eastern Europe and the Caucasus, at the signing event in Kyiv.

This signing is part of EBRD efforts to boost Ukraine’s energy security – one of the investment priorities for the EBRD’s support of the country’s real economy.

Last month, the Bank fulfilled its commitment to deploy €3 billion there in 2022-23. And, earlier in November, directors asked the Board of Governors to approve a €4 billion capital increase to enable the EBRD to provide significant and sustained investment for Ukraine, raising its funding levels further when the time comes for full reconstruction.

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