The funds will be used to purchase gas, equipment and maintain the companies current liquidity.
The European Bank for Reconstruction and Development (EBRD) is considering giving NPC Ukrenergo an additional 300 million euros in loans for equipment and current liquidity and loans of 200 million euros to NAK Naftogaz. This was announced by a member of the Board of Directors of the EBRD Artem Shevalev in a commentary for Interfax-Ukraine on Tuesday, October 25.
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According to him, we are talking about an “emergency loan” for Ukrenergo next month. This decision has not yet been approved by the Board of Directors, however, the speed of such a decision is unprecedented for the EBRD.
“This is the speed of light. This decision was made at a speed that I have not seen in all my years at the EBRD. But we know the client, we know the needs, and we want to do it. Again, 300 million The euro is an exceptional loan for a client because we have allocated 150 million euros earlier,” commented Shevalev.
The funds will be used to purchase equipment needed to restore damaged power grids and maintain the company’s current liquidity.
Also, in parallel, the bank continues to allocate funds to NJSC Naftogaz for the purchase of gas.
“We are waiting for a Norwegian guarantee for this loan, the procedure within the Norwegian government should be completed. But a maximum of 200 million euros will be approved in early November,” Shevalev explained.
He added that the bank acts according to the procedure when Naftogaz buys fuel, and the bank pays the funds to the supplier.
It will be recalled that last week, President Volodymyr Zelensky and the head of the EBRD, Odile Renaud-Basso, discussed lending to Ukraine’s energy sector.
It was also reported that the EBRD will allocate 3 billion euros to Ukraine by the end of 2023 to support Ukrainian business and economy.
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Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.