EBRD to invest 1.5 billion euros annually in Ukraine

The European Bank for Reconstruction and Development (EBRD) expects to invest up to 1.5 billion euros annually in Ukraine over the next two years.

This reported The Kyiv Independent citing the Reuters news agency. EBRD President Odile Renaud-Basso, speaking at an event at Chatham House in London, said the number could also rise “as reconstruction really gets underway.” She further indicated that amid the ongoing Russian invasion, support for Ukraine is critical, especially in the energy sector and for infrastructure. “If there is no heating and no electricity, winter will be very difficult. That’s why we have focused on this above all,” Renaud-Basso added.

EBRD grants loans to maintain infrastructure

Last winter, Russian attacks repeatedly targeted Ukrainian infrastructure in particular, leaving millions without heating and electricity. Ukraine’s state-owned grid operator said last December it would receive a 300 million euro loan from the EBRD to restore infrastructure damaged by Russian attacks. According to the news agency, Naftogaz, Ukraine’s state-owned oil and gas company, has also been offered financing of up to 300 million euros so that the company could buy enough gas during the winter.

Image: president.gov.ua, Участь Президента України у засіданні РНБО 19, CC BY 4.0, via Wikimedia Commons (image size modified)

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