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World Bank to provide Ukraine with 300 million euros for energy efficiency development program

The World Bank will allocate funds to Ukraine to improve energy efficiency: When and how much. Photo: dzi.gov.ua

The World Bank will allocate funds to Ukraine to improve energy efficiency: When and how much. Photo: dzi.gov.ua

The World Bank has planned to provide Ukraine with another tranche in the amount of 300 million euros. These funds, according to the Minister of Economy Yulia Svyrydenko, will be allocated primarily for the energy efficiency development.

Quote"On December 17, the World Bank Board of Directors will consider providing Ukraine with 300 million euros as part of the second tranche according to the project Second Economic Recovery Development Policy Loan. These funds will be allocated primarily to finance the presidential project Energy Independence," the official said after a conversation with Arup Banerji, the Regional Country Director at the World Bank.

Sviridenko explained that the parties are working on preparing a systemic document on areas of cooperation—the Partnership Strategy for 2022—2026. It will outline the cooperation framework between Ukraine and the WB in the field of energy, mechanical engineering, IT, construction, and agriculture.

Quote"The focus is on the economic development of Ukraine, macro-financial sustainability, the introduction of e-governance and digitalization, the expansion of export markets, and the enhanced competitiveness of Ukrainian green technologies," the Minister added.

Context. Last year, the World Bank agreed to provide Ukraine with $350 million as part of the First Economic Recovery Development Policy Loan. The funds are intended to support reforms that are critical to the economic recovery.

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