Illustrative photo from open sources
The European Bank for Reconstruction and Development (EBRD) has committed 200 million euros (nearly $220 million) to bolster Ukraine’s energy security, the Finance Ministry announced on July 16.
This substantial investment aims to establish strategic natural gas reserves at Naftogaz, the state-owned energy company of Ukraine. The initiative is crucial as the country’s energy infrastructure has suffered significant damage due to Russia’s ongoing aerial attacks, which have specifically targeted Naftogaz’s gas storage facilities and other critical company sites.
“The EBRD is a leader in supporting energy efficiency initiatives. I am grateful to them for understanding the urgent needs of Ukraine and making the necessary decisions,” Finance Minister Serhii Marchenko stated. “Today’s signing is an important step towards strengthening Ukraine’s energy stability in wartimes,” he added after formalizing the agreement with Arvid Tuerkner, the EBRD’s Managing Director for Ukraine and Moldova.
As of July 16, the EBRD’s involvement in 10 public sector projects in Ukraine totals 2.1 billion euros ($2.3 billion). Across all sectors, the bank’s support has nearly reached 4 billion euros ($4.36 billion). The EBRD plans to continue investing between 1.5 billion and 2 billion euros ($1.6 billion to $2.18 billion) annually in Ukraine, according to the Finance Ministry.
After navigating a relatively stable winter in terms of energy supply, Ukraine’s gas infrastructure came under renewed attack from Russia with the onset of spring, highlighting the critical need for strengthened energy security and resilience.
