EBRD pledges $220 million to boost Ukraine's energy security, create gas reserves.

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The European Bank for Reconstruction and Development (EBRD) will allocate 200 million euros (almost £220 million) to strenghen Ukraine's energy security, the Finance Ministry said on July 16. A key goal of the investment is to help create strategic natural gas reserves at Naftogaz, Ukraine's state-owned energy company. The country's energy infrastructure has been heavily battered by Russia's regular aerial attacks, which also targeted Naftogaz's gas storage sites and other company facilities.

"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 said. "Today's signing is an important step towards strengthening Ukraine's energy stability in wartimes," the minister noted after penning the relevant agreement with the EBRD's Ukraine and Moldova managing director, Arvid Tuerkner.

As of July 16, the EBRD's 10 projects in Ukraine's public sector have amounted to 2.1 billion euros (£2.3 billion), while the bank's assistance across all sectors has reached nearly 4 billion euros (£4.36 billion). The bank plans to continue investing between 1.5 billion to 2 billion euros (£1.6 billion to £2.18 billion) annually in Ukraine, the Finance Ministry's statement read. After Ukraine went through the winter with a relatively stable situation in the energy sector, Russia began attacking the country's gas infrastructure with the arrival of spring.

Naftogaz: Russia's morning attack targeted gas infrastructure

The Naftogaz Group did not specify in what oblasts the targeted gas facilities were located, nor what the full consequences of the attack were.