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Italy offers €10 m to support Ukraine’s electricity sector
Italy, a founding member of the European Bank for Reconstruction and Development (EBRD) and a strategic partner, signed an agreement to provide grants worth up to €10 million to support the bank’s operations in Ukraine, in particular to support the electricity transmission system operator, Ukrenergo.
To ensure continued provision of vital energy services to affected people and businesses, the Bank has been focusing on providing working capital and grants to the two leading state owned energy companies Ukrenergo and Naftogaz. The funding from Italy will help provide Ukrenergo with liquidity and carry out emergency repairs.
The EBRD strongly condemned the Russian invasion of Ukraine from the start, and had an immediate and wide-ranging response, channeling finance and assistance where needed most. The Bank continued to disburse funds to clients, for example by providing working capital, and enhanced the Trade Facilitation Program to provide extra support for the import and distribution of essential goods. The support for Ukraine targets five main areas; trade finance, energy security, vital infrastructure and provision of liquidity to municipalities, food security and the private sector.
Matteo Patrone, EBRD Managing Director for Eastern Europe and the Caucasus, said “The EBRD is encouraged by Italy’s strong cooperation and contribution, which allows us to continue our efforts in supporting the Ukrainian economy during wartime and beyond.”
Italy joins a number of donors that have responded through the EBRD to the financial and technical support of Ukraine. Some €1.4 billion has been generously made available to date for operations aimed at keeping the Ukrainian economy going and ensuring energy security, adequate transportation and support for small businesses, among other things.
The EBRD is supporting Ukraine and its real economy at a time when the country needs it most. The Bank has committed to providing €3 billion of financing over 2022 and 2023 in partnership with international donors to help keep Ukraine’s businesses and economy functioning. In 2022 the EBRD deployed €1.7 billion in support of Ukraine. It also mobilized €200 million directly from partner financial institutions. The Bank has been operating in Ukraine for more than three decades and is the largest institutional investor in the country.