EBRD Commits €200 Million to Ukraine for Energy Security

Ukraine is set to receive €200 million from the European Bank for Reconstruction and Development (EBRD) to bolster its natural gas reserves and support energy security. The funding, allocated to Naftogaz, aims to enhance Ukraine’s energy stability amid ongoing war. The guarantee agreement was signed on July 16th by Ukraine’s Minister of Finance, Serhiy Marchenko, and EBRD’s Managing Director for Ukraine and Moldova, Arvid Tuerkner.

According to Marchenko, the agreement marks a significant step towards strengthening Ukraine’s energy stability during wartime conditions. Following the signing, both parties conducted a working meeting to review the progress of joint projects and discuss future cooperation priorities.

The meeting highlighted continued investment priorities, including support for the energy sector, investments in renewable energy sources, infrastructure restoration, and support for the private sector.

Earlier in June, Ukrainian Prime Minister Denys Shmyhal and EBRD President Odile Renaud-Basso signed a memorandum of understanding, outlining EBRD’s commitment to accumulate €300 million to support Ukraine’s energy sector.

Currently, there are ten joint projects in the public sector under implementation with EBRD, totaling €2.1 billion. Since the onset of full-scale aggression, EBRD’s assistance across all sectors to Ukraine has approached nearly €4 billion, as reported by Ukraine’s Ministry of Finance. The bank has significantly increased its financing for Ukraine since Russia began its full-scale war and intends to continue investing between €1.5 billion and €2 billion annually.