London, 24 November 2023 (TDI: The European Bank for Reconstruction and Development (EBRD) has announced a financial commitment of €200 million to support Ukraine’s state energy company Naftogaz (NAK) in establishing strategic gas reserves on Thursday in Brussels.
This significant contribution is aimed at fortifying Ukraine’s energy security as it navigates through the second winter heating season following the onset of the Russia-Ukraine war.
The final agreement marking a pivotal moment in the collaboration between the EBRD and Naftogaz was formally signed in Kyiv. The agreement was initially approved in June during the Ukraine Recovery Conference in London.
The EBRD has significantly increased its financial backing for Ukraine to support them against Russia’s aggression. To date. the EBRD has provided nearly €3 billion across various sectors, including energy security, vital infrastructure, food security, trade, and support for the private sector.
Matteo Patrone, The European Bank for Reconstruction and Development Managing Director of Eastern Europe and the Caucasus, expressed pride in the collaborative efforts with Naftogaz. He emphasized Naftogaz’s commendable progress in improving governance and completing the restructuring of its bonds. Patrone affirmed the EBRD’s commitment to continue supporting Naftogaz in its endeavors.
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Naftogaz has recently received a €200 million infusion, complementing a €300 million loan granted the previous year. This financial support is part of a broader €500 million donor package, inclusive of a grant from Norway. All EBRD investments in Ukraine involve risk-sharing with donors and partners in this case with Norway and Netherlands.
The Norwegian Minister of Foreign Affairs, Espen Barth Eide, confirmed the country’s support for Ukraine, contributing €54 million to maintain critical energy security. This financial commitment is important to meet the heating needs of homes, businesses, and public institutions in Ukraine. Norway’s total contribution to the EBRD for the energy sector since last year amounts to €300 million.
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