European Bank for Reconstruction and Development to provide Ukraine with €200 million for gas and energy security

Ukraine will receive EUR200 million from the European Bank for Reconstruction and Development (EBRD) to support Naftogaz, the state-run national oil and gas company, in creating strategic natural gas reserves and ensuring energy security. Source: press service of Ukraine's Energy Ministry Details: The Energy Ministry noted that Ukraine's Finance Minister Serhii Marchenko and Arvid Tuerkner, EBRD's Managing Director for Ukraine and Moldova, signed the relevant guarantee agreement.

The ministry also noted that to date, 10 joint projects with the EBRD totalling EUR2.1 billion are currently being implemented in the public sector.

"As a result of close cooperation with the Bank, we are implementing projects in the energy sector, providing liquidity support to key public sector enterprises, rebuilding infrastructure and operating businesses in the private sector," said Serhii Marchenko.  The EBRD's assistance to Ukraine in all areas has reached almost EUR4 billion since the beginning of the full-scale invasion.

During the meeting, the parties also discussed existing and potential mechanisms for war risk insurance and the EBRD's support for initiatives in this area, particularly the promotion of property insurance against maritime war risks for shipowners exporting goods from Ukraine's Black Sea ports to various countries worldwide. Background: Ukrainian small and medium-sized businesses identify insufficiently rapid recovery of sales volumes, lack of staff due to mobilisation and migration, limited investment and increased competition between businesses and donor-funded non-governmental organisations as some of the adverse trends caused by the war.

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