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EBRD allocates 155 million dollars to support the power sector and business in Ukraine

February 04, 2014, 0:57 UTC+3 KIEV
“The project will help Ukraine to gradually cut its general energy needs and improve the state of environment,” the EBRD said
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© AP Photo/Sergei Chuzavkov

KIEV, February 04, (ITAR-TASS). The European Bank for Reconstruction and Development (EBRD) has allocated 155 million dollars to support the power sector and small business In Ukraine, of which 100 million will be invested in developing sustainable sources of energy and in raising energy efficiency, the bank’s press service reported on Monday.

“The project will help Ukraine to gradually cut its general energy needs and improve the state of environment,” the EBRD said.

The programme of financing sustainable energy is a continuation of Ukraine’s Energy Efficiency Programme (UKEEP) which helped to finance 77 projects in Ukraine in 2007-2013.

The European Bank for Reconstruction and Development (EBRD) has approved the allocation of another 55 million dollars to Ukraine as part of a programme to support its small and medium business. Small and medium enterprises account for 15% of Ukraine’s GDP compared to 47% in Poland and 40% in Turkey.

The EBRD is a major financial investor in Ukraine. On January 1, 2014, the bank undertook a commitment to grant 11.9 billion dollars for implementing 321 projects in Ukraine.

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