Naftogaz will receive € 300 million from the EBRD for energy security

The NJSC Naftogaz of Ukraine will receive a € 300 million loan from the European Bank for Reconstruction and Development (EBRD), the first € 50 million of which will go to emergency gas purchases. This is reported on the official website of the EBRD.

These funds are needed for emergency purchases of gas needed to prepare Ukraine for the 2022-2023 district heating season. In total, Naftogaz plans to accumulate € 1 billion to buy up to 1 billion cubic meters of gas to provide enough gas in the system by this autumn.

The €300 million loan, in addition to supporting energy security, will be used to support Naftogaz in resolving its labor problems as a result of the Russian invasion, which has forced millions of people to flee their homes and jobs. This loan is part of the € 1 billion support that the EBRD plans to provide to Ukraine this year, along with other donors and partners to support the country's economy.

It is reported that the EBRD's investments in Ukraine under this package involve risk sharing. For example, in the case of Naftogaz, the EBRD's shareholders guarantee 66% (€ 200 million) of the total loan, which is also backed by Ukraine's sovereign guarantee.

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