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€300 million from EBRD to restore Ukraine’s energy sector

  • 7 days ago (2024-06-06)
  • David Flin
Distribution 111 Europe 1065

The European Bank for Reconstruction and Development (EBRD) will provide €300 million towards the enhancement of Ukraine’s energy facilities under a newly signed agreement.

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Denys Shmyhal, Prime Minister of Ukraine, said that this will play a crucial role in maintaining stable and steady power supply across the nation. He said that the funds are for state energy enterprises to aid in repairing and boosting generation capacities and infrastructure, in addition to promoting new decentralised energy systems.

The EBRD’s contribution to Ukraine has reached a total of €4 billion since the start of Russia’s invasion two years ago. Shymal has identified the strengthening of the energy sector as an essential agenda for the government, particularly in the wake of destructive Russian acts of aggression. He also noted the long-term implications of these acts, suggesting that energy conservation may become a normative practice for Ukrainians for many years ahead.