Norway allocates about EUR 130M in grants to EBRD to help Ukraine's energy sector

Norway allocates about EUR 130M in grants to EBRD to help Ukraine's energy sector

Norway has provided NOK 1.5 billion (about EUR 130 million) to support the operations of the European Bank for Reconstruction and Development (EBRD) to reinforce energy security in Ukraine.

The EBRD said this in a press release, Ukrinform reports.

According to the press release, the EBRD and the government of Norway are working together to support Ukraine and its people during the current war and beyond.

"During the EBRD Annual Meeting and Business Forum taking place in Uzbekistan, Norway, a founding member of the EBRD and a strong strategic partner, announced it would be providing NOK 1.5 billion (about EUR 130 million) to support the Bank’' operations to reinforce energy security in Ukraine," the statement reads.

Read also: Ukraine may need $250B for recovery - EBRD

This most recent grant follows on from the NOK 2 billion (EUR 195 million equivalent) in grants that Norway provided in November 2022 to help Ukraine's state-owned energy utility Naftogaz buy critical gas to secure heating and electricity for households and businesses.

According to the press release, 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 and support trade finance, energy security, vital infrastructure and liquidity to municipalities, food security and the private sector.

Norway joins a number of donors that have responded through the EBRD to the financial and technical support needs brought about by the war on Ukraine. So far some EUR 1.5 billion has been generously made available to keep the Ukrainian economy going.

The EBRD is supporting Ukraine and its real economy at a time when the country needs it most. The Bank has committed to providing EUR 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 EUR 1.7 billion in support of Ukraine. It also mobilized EUR 200 million directly from partner financial institutions. 

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