EBRD bolsters Ukraine’s energy security with up to €300 million for Naftogaz
15.06.2022 15:30
The European Bank for Reconstruction and Development (EBRD) will lend up to €300 million to help Ukraine’s gas company Naftogaz (NAK) compensate for the loss of natural gas production following the invasion of Ukraine, reported from the Bank.
NAK will use the initial €50 million tranche disbursed by the EBRD for emergency gas purchases, which are urgently needed to prepare Ukraine’s gas system for the next heating season. The company aims to raise a total of €1 billion to buy up to one billion cubic metres of gas, which is critical to ensure there is enough gas in the system by autumn and safeguard access to services for people whose livelihoods and economic security are threatened by the war.
All EBRD investments in Ukraine under this package involve risk-sharing. In Naftogaz’s case, EBRD shareholders will guarantee 66 per cent (€200 million) of the total EBRD loan, which also backed by Ukraine’s sovereign guarantee. After the initial payment, donor guarantees will cover all of the next €100 million paid and 66 per cent of the final €150 million.
www.anews.az
NAK will use the initial €50 million tranche disbursed by the EBRD for emergency gas purchases, which are urgently needed to prepare Ukraine’s gas system for the next heating season. The company aims to raise a total of €1 billion to buy up to one billion cubic metres of gas, which is critical to ensure there is enough gas in the system by autumn and safeguard access to services for people whose livelihoods and economic security are threatened by the war.
All EBRD investments in Ukraine under this package involve risk-sharing. In Naftogaz’s case, EBRD shareholders will guarantee 66 per cent (€200 million) of the total EBRD loan, which also backed by Ukraine’s sovereign guarantee. After the initial payment, donor guarantees will cover all of the next €100 million paid and 66 per cent of the final €150 million.
www.anews.az
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