Because of the war, Ukrenergo faced significant non -payment and 30% reduction in electricity consumption.
The European Bank for Reconstruction and Development (EBRD) will provide a € 50 million loan to Ukrenergo to support liquidity. This is stated in the statement of the EBRD.
The European Bank for Reconstruction and Development and the Ukrainian authorities have agreed to change the assignment of a portion of an existing loan to the national operator of the electricity transmission system Ukrenergo to provide € 50 million in support to the -emergency liquidity.
It was noted that the European Fund for Sustainable Development (EFSD), which is the financial mechanism of the EU External Investment Plan, provides guarantees to cover initial losses, which would reduce credit risk for the EBRD in current war conditions.
“The EBRD is willing to invest 1 billion euros this year to support the Ukrainian economy in cooperation with donors and partners,” the bank said.
As a result of the war, Ukrenergo reportedly experienced significant non -payment and a 30 percent decrease in electricity consumption, resulting in significant revenue losses.
“To meet Ukraine’s most urgent needs, the EBRD has identified five priority sectors for the Ukrainian economy: trade finance, energy security, vital infrastructure, food security (providing liquidity by banks for to farmers for the spring planting campaign, as well as for agricultural companies and food retailers), and liquidity support for pharmaceutical companies, ”the statement said.
In addition to a € 2 billion resilience package, the EBRD has promised to help fund Ukraine’s recovery when conditions permit.
Recall that the Russian Federation and Belarus have been denied access to EBRD resources.
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Source: korrespondent
