Since February 2022, the EBRD has allocated about €1.3 billion to support the energy sector: Sergii Marchenko

Today, on May 16, Minister of Finance of Ukraine Sergii Marchenko participated in the Annual Meeting of the Board of Governors and the Investment Panel of the European Bank for Reconstruction and Development (EBRD) online. The Minister of Finance is a representative of Ukraine at the Bank. 

During his speech, the Minister of Finance thanked the EBRD leadership for the assistance provided to Ukraine since February 2022 and stressed that further cooperation with international financial institutions is necessary to maintain the stable functioning of key sectors of the country's economy in times of war. 

"The EBRD has been a leader in supporting initiatives to facilitate energy efficiency, support liquidity for key public sector enterprises, restore infrastructure and ensure the operation of the private sector. Since the beginning of the full-scale invasion, the Bank's assistance has reached almost EUR 4 billion. Thanks to the mobilized resources, we have managed to finance priority expenditures in the energy sector and maintain the stability of the power transmission system," said Sergii Marchenko.

Also, in his speech, the Minister of Finance congratulated Odile Renaud-Basso on her re-election as President of the EBRD. 

As of May 2024, the total amount of EBRD financing provided to Ukraine over the entire period of cooperation is more than EUR 19.5 billion. Currently, 10 joint projects with a total loan volume of EUR 2.1 billion are being implemented in the public sector. In 2024, the disbursement of ongoing projects amounted to more than EUR 150 million.

The Bank made a significant contribution to the smooth operation of the 2022/2023 and 2023/2024 heating seasons and preparations for the 2024/2025 heating season. In particular, under the existing projects to support the liquidity and resilience of key critical infrastructure business entities, such as NPC Ukrenergo, NJSC Naftogaz of Ukraine, and JSC Ukrzaliznytsia, the total amount of funding allocated amounts to EUR 1.3 billion.  

Sergii Marchenko also emphasized that timely flow of external financial assistance is vital for Ukraine's economic recovery and financial stability in the face of a full-scale war: "In 2024, the military campaign and social support remain a priority. Given that defense and security are financed by domestic budget revenues only, we rely on the support of donor countries and IFIs to cover  social and humanitarian needs."