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World Bank, EIB to guarantee Ukraine's gas purchases

October 10, 2015, 5:46 UTC+3
1 pages in this article

WASHINGTON, October 10. /TASS/. The World Bank [WB] and the European Investment Bank [EIB] signed a deal on financial guarantees for Ukraine's gas purchases in Lima, Peru, on Friday.

"The EIB will guarantee up to US$520 million of selected World Bank loans in Ukraine, which will enable the World Bank to guarantee letter of credit facilities for gas purchases by [Ukraine gas company] Naftogaz," the WB said in a statement.

The agreement, signed by EIB President Werner Hoyer and World Bank Group President Jim Yong Kim, was "facilitated by a counter-guarantee of the European Union granting comprehensive cover to the EIB linked to risks of these selected WB loans in Ukraine."

Werner Hoyer said in comments to the decision: "European and global institutions are committed to helping Ukraine avert a potentially severe energy crisis as winter approaches. The guarantee agreement we signed today will facilitate Ukraine’s purchase of gas at a critical time."

Jim Yong Kim said "the new agreement is part of our broad support to the restructuring of the gas sector in Ukraine and it will contribute to adequate gas supplies for the next three years."

In the last 18 months, the World Bank Group has provided more than $4.1 billion to Ukraine in budget support, investment operations and private sector financing, including $3.875 billion from International Bank for Reconstruction and Development (IBRD).

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